L&L, Khaitan lead on Reliance Capital exit from mutual funds biz

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..L&L PartnersPartnerAssociatesCorporateDeepak THMManaging Associate Anshuman Mozumdar, and Associate Devaditya Chakravarti StructuringBikash JhawarManaging Associate Avinash SubramanianRegulatorySundeep DudejaManaging Associate Avisha GuptaProposed Offer for SaleManan Lahoty and Manshoor Nazki.Khaitan & CoPartnerAssociatesCorporateNiren Patel and AravindVenugopal Senior Associate: Yashashree Mahajan and Associates: Gargi BohraRegulatory and open offer aspects Sudhir Bassi (Executive Director), Arindam Ghosh,Aditya Cherian Counsel: Soumya Mohapatra, Principal Associate: Navodita Gupta, Senior Associates: Shashank Patil and Tanish Gupta Associates: Murugaveni Pillai and Nirali TrivediDue DiligenceThomas GeorgeSeniorAssociate: Nagashayana SrinivasaiahAssociates: Divya Gupta, Shwetank Sharma, SumanPrabhu and Shivam Arora.Image taken from here.