Re­liance Nip­pon MF aims to raise ₹1,540 cr through public is­sue

Fixes price band at ₹247-₹252 a share

The Hindu Business Line - - MARKET WATCH -

Re­liance Nip­pon Life As­set Man­age­ment has fixed a price band of ₹247-₹252 a share for the ini­tial public of­fer which will be open for in­vest­ment be­tween Oc­to­ber 25 and 27.

Re­liance Nip­pon Life As­set Man­age­ment man­ages 55 open ended mu­tual fund schemes, in­clud­ing 16 ex­change-traded funds and 174 closed ended schemes for Re­liance MF as of June 30, 2017.

The IPO con­sists of a fresh is­sue of over 2.44 crore eq­uity shares and an OFS for over 3.67 crore shares by Re­liance Cap­i­tal and Nip­pon Life In­sur­ance.

The of­fer will con­sti­tute 10 per

Sundeep Sikka, ED & CEO, Re­liance Nip­pon Life As­set Man­age­ment, with Yuki Tanaka, Vice-Pres­i­dent, at a press con­fer­ence to an­nounce the com­pany’s IPO in Mum­bai, on Thurs­day

cent of the post-of­fer paid-up eq­uity share cap­i­tal of the com­pany.

The coun­try’s third-largest MF with AUM of ₹3.80 lakh crore as of Au­gust 31, in­tends to raise about ₹1,542 crore. In­ci­den­tally, this is the first time an AMC is

launch­ing an IPO. Re­liance Nip­pon has a mar­ket share of 11.4 per cent and 7.01 mil­lion in­vestor fo­lios.

In 2012, Nip­pon Life ini­tially bought 26 per cent stake in Re­liance AMC by in­vest­ing ₹1,450 crore.

First from MF PAUL NORONHA

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