On October 12, 2017, Reliance Nippon Life Asset Management Limited announced its IPO.
Reliance Nippon Life Asset Management Limited (“Reliance”) announced the initial public offering of up to 61,200,000 equity shares consisting of a fresh issue of up to 24,480,000 equity shares and an offer for sale of up to 36,720,000 equity shares. The offer entails 10% of the post-offer paid-up equity share capital of Reliance. The price band was Rs. 247 to Rs. 252 per equity share. The offering opened on the National Stock Exchange of India and BSE Limited on October 25, 2017.
Reliance is a Mumbai-based joint venture asset management company between India-based Reliance Capital Ltd. and Japan-based Nippon Life Insurance Co. As of March 2017, Reliance had approximately Rs. 3,58,059 crore ($55.1 billion) in assets under management and advisement across offshore funds, mutual funds, and other investment vehicles.
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