Reliance Capital today announced that it has received SEBI approval for its proposed 26 per cent stake sale in Reliance Capital Asset Management (RCAM), which is the most profitable fund house in the country.
The company had earlier this year signed final agreements with Nippon Life Insurance to sell 26 per cent stake in RCAM.
As per this deal, Nippon Life will invest an aggregate value of Rs 1,450 crore to acquire 26 per cent strategic stake in RCAM.
Approval for the stake sale has also been received from the Monetary Authority of Singapore, Reliance Capital said in a filing with the Bombay Stock Exchange.
The Reserve Bank of India, Competition Commission of India, Pension Fund Regulatory and Development Authority have already given their nod for the proposed stake sale, according to Reliance Capital.