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Reliance Nippon Life Asset Management announced that the transaction contemplated under the Share Purchase
Agreement executed amongst Nippon Life Insurance Company (Nippon), Reliance Capital (RCL), and Reliance Nippon Life Asset Management (Company) on 23 May 2019 has been completed on 27 September 2019 in accordance with the provisions of the
Agreement.
Upon such completion under the Agreement, Nippon has acquired 21.54% of the total issued and paid up equity share capital of the Company (Share Capital) from RCL (Transaction). Separately, Nippon had on 22 August 2019 acquired 10.59% of the Share Capital pursuant to the open offer made by Nippon under the SEBI (Substantial Acquisition
of Shares and Takeover) Regulations 2011 (Open Offer).
Accordingly, as a result of the completion of the Open Offer and the Transaction, Nippon holds in aggregate 75% of the Share Capital as on date, and RCL will hold 4.27% of the Share Capital as on date, with the remaining shareholding being held by public shareholders.
Further, simultaneously with the completion of the Transaction, Nippon has acquired 100%
of the total issued and paid up share capital of (i) Reliance Capital Trustee Co.,
which acts as the trustee of the mutual funds managed by the Company; (ii) Reliance Capital
AIF Trustee Company, which acts as the trustee to the alternative investment
funds management by Reliance AIF Management Company, which is a wholly
owned subsidiary of the Company.
Pursuant to the Transaction, Nippon has nominated Sundeep Sikka (Executive Director
and CEO of the Company) as its nominee shareholder on the Board of the Company.
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