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Thursday, 12 October 2017

Reliance Nippon IPO sets price band, seeks to garner Rs1,542 crore

Reliance Nippon Life Asset Management Ltd (RNAM), comes up with an initial public offering (IPO), to raise up to Rs. 1,542 crore with the company, on Thursday.  The price band set of Rs. 247-252 per share. RNAM is a subsidiary of Reliance Capital, with Japan’s Nippon Life Insurance Co, as its strategic partner.

The offer will run from 25 to 27 October, involves a 10 percent stake sale in the company. Its two main shareholders viz. Nippon Life will sell up to 2.55 million and Anil Ambani’s Reliance Capital will sell up to 1.12 million shares, each.

JM Financial, Citic CLSA, Nomura and Axis Capital are the main banks managing the offer, while the book runners namely - Edelweiss, IIFL Holdings, SBI Capital Markets and Yes Securities.


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