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Last Updated : Jun 17, 2019 02:46 PM IST | Source: Moneycontrol.com

Reliance Capital falls 10% despite selling stake in RNAM

Reliance Capital expects to reduce its debt at least by Rs 12,000 crore, or 70 percent in the current financial year

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Reliance Capital shares fell 10 percent intraday on June 17 despite company selling stake in the group's asset management company.

The stock has crashed 58 percent in its value in the last three months. It was quoting at Rs 72.70, down Rs 3.85, or 5.03 percent on the BSE at 1347 hours IST.

In two successive offers, Reliance Capital has sold 10.75 percent of its shareholding in Reliance Nippon Life Asset Management Ltd (RNAM), aggregating over Rs 1,450 crore and has achieved the minimum public shareholding of 25 percent in RNAM by reducing the promoter stake, the company said in a statement.

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The entire RNAM stake monetisation proceeds of Rs 6,000 crore, to be received from the offer for sale and the already announced transaction with Nippon Life Insurance Company of Japan, will be utilised to reduce Reliance Capital's outstanding debt, it said.

Based on the above, and other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt at least by Rs 12,000 crore, or 70 percent in the current financial year.

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First Published on Jun 17, 2019 02:46 pm
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