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Last Updated : May 28, 2019 11:02 AM IST | Source: Moneycontrol.com

Reliance Capital adds 7% as company exercises 'green-shoe' option

"Reliance Capital has exercised the “Green-Shoe” option and will sell over 8 percent of its shareholding in RNAM through OFS aggregating approx Rs 1,100 crore," the Anil Ambani-led company said in an exchange release.

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Shares of Reliance Capital added nearly 7 percent intraday on May 28 after the company decided to sell its entire shareholding in Reliance Nippon Life Asset Management.

"Reliance Capital has exercised the “Green-Shoe” option and will sell over 8 percent of its shareholding in RNAM through OFS aggregating approx Rs 1,100 crore," the Anil Ambani-led company said in an exchange release.

The company will receive Rs 6,000 crore 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.

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In a separate release, the company said its broadcast arm sold Big 92.7 FM Radio to Jagran Prakashan-owned Music Broadcast Ltd (MBL) for an estimated value of Rs 1,200 crore.

At 1101 hrs, Reliance Capital was quoting Rs 142.95, up 6.92 percent on the BSE.

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First Published on May 28, 2019 10:55 am
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