Japanese financial services giant Nippon Life is set to increase its stake in Reliance Capital Asset Management (RCAM) to 49 per cent.
Nippon Life Insurance Company has agreed to increase its stake in RCAM from the existing 35 per cent to 49 per cent in two or more tranches.
Following the completion of the transaction, Reliance Capital will receive about Rs 1,200 crore.
In a regulatory filing to the BSE, Reliance Capital said that a meeting of the board of directors of the company's subsidiary, RCAM will be held on March 17 inter alia, to consider and approve transfer of shares to Nippon Life.
