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Reliance Capital-Nippon AMC IPO to raise Rs 1500 cr

13 Octobre 2017

Reliance Nippon Life Asset Management expects to raise Rs 1,542 crore through initial public offer later this month, with the company fixing a price band of Rs 247-252 per share.

The IPO consists of a fresh issue of up to 24.48 mln shares and an offer for sale of up to 36.72 mln shares by Reliance Capital Limited and Nippon Life Insurance Company. The IPO will open for subscription from October 25-27, Reliance Capital said in a regulatory filing.

Reliance is one of the largest asset management companies in India and the second most profitable fund house.

Reliance Capital and Nippon Life will each dilute 3 per cent stake.

The offer will constitute 10 percent of the post-offer paid-up equity share capital of the company. "It is a moment of pride and honour for us to at Reliance Nippon Life to be the first in the country to come out with an IPO of an asset management company", the company's ED and CEO Sundeep Sikka said. The anchor investor bidding will be on October 24.

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Promoters Nippon Life and Reliance Capital are offering their shares worth up to Rs 643 crore and Rs 282 crore, respectively.

The net proceeds of the fresh issue will be used for setting up new branches and relocating certain existing branches, upgrading the IT system, advertising activities, lending to its subsidiary, and funding inorganic growth among other things.

The company with total asset under management (AUM) of '3.62 lakh crore, is involved in managing mutual funds including ETFs; managed accounts, including portfolio management services, alternative investment funds ( AIFs) and pension funds.

Bids can be made for minimum 59 equity shares and in multiples of 59 shares thereafter. Listing gains and returns by newly listed companies as also the positive sentiment in the broader market are among the reasons attributed to the trend.

Reliance Capital-Nippon AMC IPO to raise Rs 1500 cr