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The second Offer for Sale (OFS) announced by Reliance Capitalon 12 June 2019 to sell its 2.86% shareholding in Reliance Nippon Life AssetManagement (RNAM) has received an overwhelming response from investors.

Institutional and retail investors bid for over 266% of the offer size of 2.86% shareholding inRNAM.

In two successive offers, Reliance Capital has sold 10.75% of its shareholding in RNAM,aggregating over Rs. 1,450 crore and has achieved the Minimum Public Shareholding of25% in RNAM by reducing the promoter stake.

The entire RNAM stake monetization proceeds of ~ Rs. 6,000 crore (~ US $ 860 million) tobe received from the Offer for Sale and the already announced transaction with Nippon LifeInsurance Company of Japan will be utilised to reduce Reliance Capital's outstanding debt.

Based on the above, and other asset monetisation deals presently underway,Reliance Capital expects to reduce its debt by at least Rs. 12,000 crore (US$ 1.7 billion), or70%, in the current financial year.

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