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Reliance Nippon Life IPO to open on Oct 25

Reliance Nippon Life Asset Management Limited (RNLAM) has scheduled its Rs 1,542 crore initial public offering (IPO) from October 25-28, 2017. The company has fixed the price band at Rs. 247-252 per equity share.

The IPO consists 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 by the selling shareholders. Bids for the IPO can be made for minimum 59 equity shares and in multiples of 59 shares thereafter.

The net proceeds from its fresh issue would be used for setting up new branches and relocating certain existing branches; upgrading the IT system; advertising, marketing and brand building activities; and lending to subsidiary for investment. The money would also be used for investing towards continuing interest in new mutual fund schemes managed by the company; funding inorganic growth and other strategic initiatives and meeting expenses towards general corporate purposes.

JM Financial Institutional Securities, CLSA India, Nomura Financial Advisory and Securities and Axis Capital are the global co-ordinators and book running lead managers of the Offer. Edelweiss Financial Services, IIFL Holdings Limited, SBI Capital Markets and Yes Securities are the book running lead managers to the offer.

RNLAM is one of the largest asset management companies in India, managing total asset under management of Rs. 3,625.50 billion as of June 30, 2017.

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