Reliance Capital Invites Nippon Life To Acquire Its Stake In Asset Management Joint Venture

Anil Ambani-led Reliance Capital Ltd. has invited Nippon Life Insurance Company Ltd. to acquire up to 42.88 percent, which is its entire stake, in their joint venture Reliance Nippon Life Asset Management Ltd.

Japan's Nippon Life Insurance already holds a 42.88 percent stake in Reliance Nippon.

The company said it will make further announcements at the appropriate time.

Shares of Reliance Capital rose as much as 10.6 percent to Rs 160 apiece while Reliance Nippon Life Asset Management stock rose as much as 17.3 percent to Rs 181 after the announcement.

(This is a developing story.)