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Reliance Capital, the financial services business of the Anil Dhirubhai Ambani Group (ADAG), is exiting the mutual fund business by selling its entire stake in Reliance Nippon Life Asset Management Ltd (RNAM) for $646 million.
Reliance Capital will sell its 42.88 percent stake to Nippon Life Insurance of Japan and other financial investors in the joint venture. Nippon Life will also make an open offer to public shareholders of Reliance Nippon Asset Management (RNAM) at Rs 230 per share, reported ET.
L&L Partners acted for Reliance and Khaitan & Co advised Nippon Life Insurance.
|Corporate||Deepak THM||Managing Associate Anshuman Mozumdar, and Associate Devaditya Chakravarti|
|Bikash Jhawar||Managing Associate Avinash Subramanian|
|Regulatory||Sundeep Dudeja||Managing Associate Avisha Gupta|
|Proposed Offer for Sale||Manan Lahoty and Manshoor Nazki|
|Khaitan & Co||Partner||Associates|
|Corporate||Niren Patel and Aravind|
|Senior Associate: Yashashree Mahajan and Associates: Gargi Bohra|
|Regulatory and open offer aspects|| Sudhir Bassi (Executive Director), Arindam Ghosh,|
|Counsel: Soumya Mohapatra, Principal Associate: Navodita Gupta, Senior Associates: Shashank Patil and Tanish Gupta Associates: Murugaveni Pillai and Nirali Trivedi|
|Due Diligence||Thomas George||Senior|
Associate: Nagashayana SrinivasaiahAssociates: Divya Gupta, Shwetank Sharma, Suman
Prabhu and Shivam Arora