Mumbai: Anil Ambani-controlled Reliance Capital Ltd on Friday said that the existing management team of its broking business - Reliance Securities group - has entered into a binding agreement for buying out the broking and distribution business from Reliance Capital, the company said in a stock exchange filing. Reliance Securities is 100% subsidiary of Reliance Capital. The Reliance Securities' business includes retail and institutional broking, third party distribution, proprietary trading and structured products. The sale of Reliance Securities follows Reliance Capital’s stake in its asset management business - Reliance Nippon Life Asset Management Ltd (RNAM) - to its partner Nippon Life Insurance of Japan. The entire proceeds from the RNAM stake monetization, around ₹6,200 crore, will be utilised to reduce Reliance Capital’s outstanding debt obligations.

Source: Mint October 11, 2019 14:48 UTC