Reliance Capital completes sale stake in Reliance Nippon; shares fall 5%

reliance-industries

Shares of Reliance Capital touched 52-week low of Rs 26.70, declining 5 percent intraday, on September 30 after the company concluded the sale of its stake in Reliance Nippon Life Asset Management.

The company sold the stake to Nippon Life Insurance Company of Japan and received proceeds of approximately Rs 5,500 crore ($ 785 million).

The company made interest and principal repayments of Rs 72.65 crore on September 27 and September 30 on a range of instruments, including non-convertible debentures, term loans and inter corporate deposits, a spokesperson said.

At 1001 hours, Reliance Capital was quoting at Rs 26.80, down Rs 1.20, or 4.29 percent.

News Source: Moneycontrol

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