Japan's Nippon Life to buy $458 mln stake in Indian asset manager RNAM

06/09/2019 7:35:00 PM (GMT)

Japanese insurer Nippon Life Insurance Co. has offered 3,179 crore rupees ($458 million) to purchase a stake in Indian asset manager Reliance Nippon Life Asset Management Ltd. (RNAM).

Nippon Life intends to acquire 22.49 percent stake in Reliance Nippon Life Asset Management from Reliance Capital.

Under the deal, Nippon Life will buy up to 138.2 million equity shares of RNAM at $3.31 per share.

Annually, Nippon Life has approximately $138.7 million in revenue.

Nippon Life Insurance Co.

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