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Shares of Reliance Nippon Life Asset Management Limited (RNAM) fell as much as 4.3 per cent on Friday, their biggest percentage loss since April 30.
The asset management company said on Thursday its promoter Reliance Capital had offered to sell 5.25 per cent stake held in the company at a floor price of Rs 218.
The floor price of the open offer represents a seven per cent discount to the stock's last closing price of Rs 234.5.
The entire proceeds of about Rs 6000 crore will be utilised to reduce Reliance Capital's outstanding debt by 33 per cent.
“We expect RNAM transaction, together with other deals underway, to substantially reduce RCAP's debt by over 50 per cent in the current financial year,” said Anil Ambani, Chairman, Reliance Anil Dhirubhai Ambani Group (AGAD).
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