Reliance Capital releases pledge on 8.66% shareholding in RNAM

Reliance Capital on Monday said the 8.66 per cent shareholding in Reliance Nippon Life Asset Management (RNAM) that it had pledged has been released as the company prepared to exit the the mutual fund business.

Shares of Reliance Capital closed 2.12 per cent down at Rs 133.70 on BSE, while the benchmark BSE Sensex closed up 0.63 per cent at 39,683.29. Shares of Reliance Nippon Life Asset Management closed 1.76 per cent lower at Rs 222.95 on BSE.

“Reliance Capital today filed requisite disclosures with the stock exchanges intimating the release of pledge over 8.66 per cent shareholding in RNAM, which had been created in favour of JM Financial Credit Solutions and JM Financial Products , in April 2019,” the company said.


Promoters were holding 47.48 per cent stake in Reliance Capital as of March 31, 2019 against 52.24 per cent in the sequential quarter ended December 31. On the other hand, promoter stake in RNAM stood at 85.75 per cent as of March 31.