Two foreign funds have picked up 4.5 per cent stake in Anil Ambani-led Reliance Group's mutual fund arm for USD 100 million, ahead of its estimated Rs 1,800 crore IPO in October, sources said.
The shares have been bought from US-based hedge fund firm Eton Park Capital Management.
When contacted to Reliance Nippon Life Asset Management (RNAM), better known as Reliance Mutual Fund, with regard to the transaction, the company declined to comment.
According to sources, the US and Singapore based funds are the buyers of Eton Park's stake, which has been placed by JM Financial in the secondary market transaction.
