Japanese financial services giant Nippon Life has got markets regulator Sebi's nod for raising its stake in Reliance Mutual Fund to 49 per cent, completing the regulatory approval process for the deal.
The company today received approval from Securities and Exchange Board of India (Sebi) for increasing Nippon Life Insurance's stake from existing 35 per cent to 49 per cent, Reliance Capital Asset Management (RCAM) said in a statement.
The company had already received approval from Competition Commission of India for this stake sale.
Following the approvals, Reliance Capital Asset Management will change its Reliance Nippon Life Asset Management, the statement said.
It added, Nippon Life Insurance would also become the co-sponsor in Reliance Mutual Fund, along with Reliance Capital, post the completion of stake sale.
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