The stake is being sold by an administrator appointed by the Reserve Bank of India (RBI). A valuer appointed by the administrator had pegged the embedded value of the life insurance company at ₹5,800 crore, said a banker close to the transaction.
Reliance Capital holds a 51 per cent stake in RNLIC and Nippon Life of Japan the rest. Aditya Birla Capital separately owns a majority stake in Aditya Birla Sun Life Insurance Company, a joint venture with Canada's Sun Life.
Aditya Birla Sun Life Insurance had 1.88 per cent market share in terms of new business premium as of September, while RNLIC had 0.27 per cent share, according to the Insurance Regulatory and Development Authority.
This story is from the October 15, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 15, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Mr Dependable: Why Indigo is Rahul Dravid of aviation
Analysts turn bullish as stock soars 83% in past year
Prospects and valuation, not past returns, should be your guide
Sector and thematic funds attracted ₹46,137 crore in 2023-24, the largest inflow across all fund categories, according to data from the Association of Mutual Funds in India (Amfi).
Sebi cracks whip on employee misconduct
The Securities and Exchange Board of India (Sebi) has come out with stringent measures to deal with misconduct and corrupt practices by its staffers.
Volume recovery crucial for Marico's growth in FY25, stock gains
Marico's January-March quarter (Q4) results were slightly better than consensus.
Fear factor: India Vix surges to 15-mth high
Uncertainty over election results, US Fed rate cut fan volatility
Heavyweights drag down markets
Midcap, smallcap indices log biggest fall in nearly two months
Celebrities liable for products in misleading ads: SC
Social media influencers and celebrities now find themselves in the thick of the Supreme Court's lens as the court on Tuesday said that they'll share equal responsibility for endorsing products or services in misleading advertisements.
59% rise in 'ghost' shopping mart
Almost ₹6,700 cr 'trapped' in gross leasable space of such shopping centres in 2023: Report
Rising repatriation
As worrying as the recent decline in gross foreign direct investment is the increasing pace of disinvestment
Making family businesses last
Few family-owned firms anywhere in the world last beyond three generations.