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Stake sale will halve its debt soon, claims Reliance Capital
Reliance CapitalNSE 224 on Thursday claimed that it is hopeful of paring its debt by around Rs 12,000 crore over the next 34 months, by when it expects to complete the stake sale in RelianceNSE 004 Nippon Life Asset Management and Reliance General Insurance
in Prime Focus and other media ]assets, the release said.
MUMBAI: Reliance CapitalNSE -2.24 % on Thursday claimed that it is hopeful of paring its debt by around Rs 12,000 crore over the next 3-4 months, by when it expects to complete the stake sale in RelianceNSE 0.04 % Nippon Life Asset Management and Reliance General Insurance.
The company has also lined up a few more non-core assets to monetise.
The Anil Ambani group-run company is sitting on a debt of over Rs 18,000 crore.
"This substantial 50-60 percent reduction in our debt, will be achieved by monetisation of 43 per cent stake in Reliance Nippon and 49 per cent stake in Reliance General Insurance, along with several non-core investments," the company said in a statement.
Reliance Nippon is valued at over Rs 5,000 crore and sale of controlling stake is expected to be at a significant premium to market, the statement claimed.
RCap owns 100 per cent stake in Reliance General which is has also filed forIPO last month.
The company is also at an advanced stage of monetising several valuable non-core investments, including a stake sale in Prime Focus and other media ]assets, the release said.
Reliance Capital has interests in asset management and mutual funds, life, health and general insurance, commercial and home finance, among other activities in financial services.
