Anil Ambani-led Reliance Capital Limited (NSEI: RELCAPITAL) (RCap)said it has invited Nippon Life Insurance Company to acquire up to 42.88%, which is its entire stake, in Reliance Nippon Life Asset Management Limited (NSEI:RNAM) (RNAM). Nippon Life Insurance Co. Ltd. already holds 42.88% stake in RNAM.

"Reliance Capital Ltd has invited its partner, Nippon Life Insurance Co Ltd to make an offer to acquire up to 42.88% stake held by Reliance Capital in Reliance Nippon Life Asset Management Ltd," Reliance Capital said in a regulatory filing. RCap said it will make further announcements at the appropriate time. The deal is expected to fetch INR 70 billion-INR 80 billion and help RCap reduce its INR 180 billion debt by about 40%.

The change in ownership will also call for 26% open offer for retail investors by Nippon Life.