The Competition Commission of India (CCI) on July 18 said it approved Nippon Life Insurance's acquisition of up to 75% stake in Reliance Nippon Asset Management (RNAM).
The CCI in a tweet said it "approves acquisition of up to 75 per cent stake in Reliance Nippon Life Asset Management Ltd by Nippon Life Insurance Company."
In May, Reliance Capital
had said that it would exit the mutual fund business by selling off its stake in RNAM to its partner Japan's Nippon Life Insurance.
Reliance Capital had added that it would receive ~Rs6,000cr through this sale at Rs 230/share and a simultaneous Offer For Sale (OFS) to other financial investors.
Last month, Nippon Life Company announced an open offer to acquire ~22.49% stake in RNAM for Rs3,179cr under a deal with Reliance Capital.
Now, Reliance Capital will have completely exited the joint venture mutual fund business.
Reliance Capital Ltd ended at Rs52.60 down by Rs1.75 or 3.22% from its previous closing of Rs54.35 on the BSE.
The scrip opened at Rs53.40 and touched a high and low of Rs54.60 and Rs52.15 respectively. A total of 1,57,98,208 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs1,329.25cr.