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Reliance Capital jumped 3.66 per cent at Rs 333 in early trade on the BSE after the company announced the completion of stake sale in insurance business to Nippon Life.
Reliance Capital on Sunday informed the stock exchanges the completion of the transaction for sale of 26 per cent stake in Reliance Life Insurance to Japan-based Nippon Life Insurance. The entire transaction proceeds of Rs 3,062 crore ($680 million) from the Japanese financial services major have been received by the company, the statement to the stock exchange said.
The transaction pegs the total valuation of Reliance Life Insurance at approximately Rs 11,500 crore ($2.6 billion).
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