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INDIA : RBI approves Reliance for 26% stake sale to Nippon
Publish Date : 04-Oct-2011
The Reserve Bank of India (RBI) has given approval to Reliance Capital for its proposed stake sale in Reliance Life Insurance.
The company had signed a definitive agreement to sell a 26 per cent stake in Reliance Life Insurance to Nippon Life Insurance for Rs 3,062 crore earlier this year. The deal was subject to regulatory approvals.
The Insurance Regulatory Development Authority (IRDA) has already granted in-principle approval for the proposed stake sale. Following RBI clearance for the deal, IRDA will now grant final approval for completion of the transaction, Reliance Capital said in a filing to the Bombay Stock Exchange.
