Reliance Capital stake sale to Nippon Life by month-end

Reliance Capital stake sale to Nippon Life by month-end

Mumbai: Reliance Nippon Life Asset Management ED and CEO Sundeep Sikka addresses during a programme where Reliance Mutual Fund (RMF) announced Further Fund Offer 3 (FFO3) of its Central Public Sector Enterprises - Exchange Traded Fund (CPSE ETF) in Mumbai, on Nov 20, 2018. (Photo: IANS)

Mumbai, Sep 23 (IANS) Reliance Capital's stake sale to Nippon Life will be completed by the end of this month, said Sundeep Sikka, CEO of Reliance Nippon Life Asset Management Company (RNAM), at its annual general meeting on Monday.

Nippon life Insurance to own 75 per cent stake in RNAM for the long term, and rest will be owned by public including few marquee investors.

India is now a key market for Nippon Life, said Sikka.

There would be a change in brand name following the completion of transaction and the company name in due course. There will not be any change in management team pursuant to this transaction, he said.

Corporate tax cut announced last week will boost earnings by around 10 per cent, he said.

Higher profits would be results in higher dividend pay-outs by RNAM as per the dividend policy.

RNAM continues to remain among the leaders in retail assets, he said.

--IANS

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