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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