Eton Park to invest Rs 501 cr in Reliance Capital Asset Management

New Delhi, Dec 12 (UNI) Reliance Capital Ltd (RCL) today said Eton Park, a leading global investor, will invest Rs 501 crore for an approximate five per cent equity stake in Reliance Capital Asset Management Ltd (RCAM), a 100 per cent subsidiary of RCL.

''We welcome Eton Park as a respected long term institutional investor, and value this association, given Eton Park's significant global presence in financial markets,'' Reliance Capital Asset Management Ltd President and CEO Vikrant Gugnani said.

The proposed investment values RCAM at approximately 13 per cent of its Assets under Management (AUM), a statement said.

The RCAM valuation translates into a price of Rs 400 per share of Reliance Capital.

The proceeds of the transaction will be utilised by RCAM for its domestic and international expansion, the statement added.

The transaction is subject to completion of definitive documentation and necessary approvals, if any, and is expected to close in January 2008.

UNI