Reliance Nippon Life AMC eyes IPO

Mumbai: Reliance Nippon Life Asset Management expects to raise `1,542 crore through IPO later this month, with the company fixing a price band of `247-252 per share. The IPO will open for subscription from October 25-27, Reliance Capital said. The Reliance Group firm’s IPO will be the first by an asset management company in India though UTI Mutual Fund’s offer plans have also been in the works for a long time. The issue comprises fresh issuance of 2.45 crore shares, besides an offer for sale of 3.67 crore shares.