The deal has already been cleared by the Reserve Bank of India (RBI), the Competition Commission of India (CCI) and the Pension Fund Regulatory and Development Authority (PFRDA), Reliance Capital said.
For the aforesaid stake sell to Nippon Life Insurance, Reliance Capital Asset Management (RCAM) will fetech nearly Rs14.5bn ($290m).
The Indian asset manager said in a statement, "Nippon Life will invest an aggregate value of Rs1,450 crore ($290 million) to acquire 26 percent strategic stake in Reliance Capital. The transaction pegs the total valuation of Reliance Capital at approximately Rs5,600 crore ($1.1 billion)."
Reliance Capital has already completed another deal with Nippon Life, wherein the Japanese financial services giant has acquired 26%stake in Reliance Life Insurance for Rs3,100 crore, valuing the life insurance venture at about Rs11,500 crore.
In another deal successfully completed with Nippon Life, Reliance Capital has sold 26% stake of Relaince Life Insurance to Japanese firm for almost Rs3.1bn ($555m).
Reliance Capital had acquired HDFC AMC house during the previous fiscal 2010-11 and has managed to retain its leadership position.
