RCAM will change its name to Reliance Nippon Life Asset Management Ltd.The proposed name "Reliance Nippon Life Asset Management Limited" has been made available by Registrar of Companies, and will be made effective with necessary approvals.Earlier this month, Nippon Life had received markets regulator Sebi's nod for raising its stake in Reliance Mutual Fund to 49 per cent, completing the regulatory approval process for the deal.The Japan-based firm had acquired 26 per cent stake for Rs 1,450 crore in 2012 while valuing the company at Rs 5,600 crore at that time.Nippon Life in February acquired 9 per cent additional stake of RCAM for about Rs 657 crore to take its holding to 35 per cent in the Reliance Group company.The Japanese company will now be investing an aggregate value of Rs 1,196 crore to acquire an additional 14 per cent stake in RCAM, in tranches, to have 49 per cent stake.RCAM runs Reliance MF and is part of Anil Ambani-led Reliance Group's financial services arm, Reliance Capital.Nippon Life manages over $500 billion (Rs 30 lakh crore) in assets, highest in the world for any life insurer.RCAM is the largest asset manager in India, in terms of Asset Under Management, managing Rs 2,61,424 crore ($39.6 billion) as on December 31, 2015 across mutual funds, pension funds, managed accounts and offshore funds.The deal was entered between the parties in November, last year.
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