RELIANCE JIO SHADOW OVER TELCOS’ TOWER GAINS

Reliance Nippon Life Asset Management’s ~1,542-crore initial public offering (IPO), the first by a domestic mutual fund, will remain open for subscription from October 25-27. The price band for the maiden offer is ~247252 per share. Promoters Nippon Life and Reliance Capital are offering their shares worth up to ~643 crore and ~282 crore, respectively. Reliance Nippon AMC will also issue fresh shares worth ~617 crore. At the top end of the price band, Reliance Nippon, which manages assets worth over ~3.8 lakh crore, will be valued at ~15,420 crore.