Reliance Capital, which is one of the promoters of the RNAM, is selling the stake to achieve the minimum public shareholding in RNAM. RCap held 32.12 per cent of total equity shares in Reliance Nippon Life Asset Management, at the end of June, 2019, while the other promoter Nippon Life Insurance Company held 42.88 per cent stake. In June, RCap had sold 10.75 percent in RNAM for over Rs 1,450 crore.
At 9:46 am, the stock was trading at Rs 277.4 apiece, down 3 per cent, as against a 0.33 per cent rise in the benchmark Nifty50. A total of 9.2 lakh shares changed hands on the NSE and BSE till the time of writing of this report. In comparison, Reliance Capital was trading 0.69 per cent higher at Rs 36.5 per share.