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1:14 am - Monday November 20, 2017

Reliance Nippon Life Asset Management IPO to open for subscription today

Agencies, Mumbai

Reliance Nippon Life Asset Management is all set to open its initial public offer for subscription on October 25 with a price band of Rs 247-252 per share. The initial public offering of up to 6.12 crore equity shares will close on October 27, 2017.

The offer consists of a fresh issue of up to 2,44,80,000 equity shares and an offer for sale of up to 3,67,20,000 equity shares by promoters – Reliance Capital and Nippon Life Insurance Company.

The issue will constitute 10 percent of the post-offer paid-up equity share capital of the company. Investor can bid for minimum 59 equity shares and in multiples of 59 shares thereafter. J

M Financial Institutional Securities, CLSA India, Nomura Financial Advisory and Securities (India) and Axis Capital are the global co-ordinators and book running lead managers to the issue.

Edelweiss Financial Services, IIFL Holdings, SBI Capital Markets and Yes Securities (India) are the book running lead managers to the offer. Karvy Computershare is the Registrar to the issue. The company is going to list its equity shares on the National Stock Exchange of India and BSE.

The net proceeds from fresh issue would be utilised for Setting up new branches and relocating certain existing branches , Upgrading the IT system (Rs 40.65 crore, Advertising, marketing and brand building activities, Lending to subsidiary (Reliance AIF) for investment as continuing interest in the new AIF schemes managed by Reliance AIF, Investing towards continuing interest in new mutual fund schemes managed by the company (Rs 100 crore).

Funding inorganic growth and other strategic initiatives (Rs 165 crore) and Meeting expenses towards general corporate purposes. The company will not receive any proceeds from the offer for sale.

Reliance Nippon Life Asset Management (RNLAM), promoted by Anil Dhirubhai Ambani Group-led Reliance Capital, is involved in managing mutual funds (including exchange traded funds); managed accounts, including portfolio management services, alternative investment funds (AIFs) and pension funds; and offshore funds and advisory mandates.

Posted in: Business

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