Reliance Cap mulls selling 20 pc stake in its MF arm

 
Induction of global partner would help Reliance Asset Management Company to expand its reach and help improve product, technology and process, sources told PTI.

Reliance Capital holds 93.37 per cent in Reliance Asset Management Company, the largest mutual fund house with asset under management over 1.18 lakh crore.

In 2007, Reliance Capital sold 5 per cent stake to global investor Eton Park for Rs 501 crore, at an equity valuation of Rs 10,000 crore. Eton Park Capital Management is a hedge fund founded by former Goldman Sachs partner Eric Mindich.

The investment valued the asset management firm at about 13 per cent of its assets under management and the valuation translated into a price of Rs 400 per share of Reliance Capital.

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