Reliance Nippon Life AM IPO gets SEBI go-ahead

First initial public offering by an asset management company in India. yes, you heard it right.

Reliance Nippon Life IPO is about to come in the first week of November. Reliance Nippon Life IPO gets SEBI go-ahead, and this will be 2000 crore IPO. But SEBI issued its observations on the proposed IPO on October 5, as per the latest update available on the regulator’s website.

Reliance Nippon Life IPO comprises of fresh issue of 2.44 crore equity shares, besides an offer for sale of 1.12 crore shares by Reliance Capital and 2.54 crore shares by Nippon Life Insurance Company, as per draft paper filed to SEBI.
The IPO size would be nearly 10 percent of the post issue paid-up capital of RNAM.
Objects of the Issue:
Fresh issue: Amount will be used for

  1. Setting up new branches and relocating existing branches, upgrading the information technology system, advertising, lending to subsidiary Reliance AIF, investing in new MF schemes managed by the company, funding inorganic growth
  2. General corporate purposes.
    JM Financial, CLSA, Nomura and Axis Capital are the global coordinators and book running lead managers as appointed by the company
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