Reliance Group’s asset management garners 462-cr from anchor investors

Vastavam web: Anil Ambani-led Reliance Group’s asset management arm today raised a little over Rs 462 crore from anchor investors, ahead of its initial pubic offering which opens tomorrow.The company’s IPO committee has finalized allocation 1,8,360,000 equity shares to 24 anchor investors at Rs 252, which is also the upper price band for the offer, Reliance Nippon Life Asset Management Company (RNAM) informed to the stock exchanges. RNAM will hit the capital markets tomorrow to raise an estimated Rs 1,542.42 crore through its initial public offer (IPO). The public issue will close on October 27. The firm has fixed a price band of Rs 247-252 per equity share.

It will be the first initial share sale by a major asset management company (AMC) in India though smaller rival UTI Mutual Fund’s IPO plans have been in the works for a long time.Also, it will be the first IPO from the Reliance Group after Reliance Power in 2008. Other listed firms of the group included Reliance Capital, Reliance Home Finance, Reliance Communications, Reliance Naval & Engineering and Reliance Infra.Reliance Capital and Nippon Life will each dilute 3 per cent stake. The IPO size will be around 10 per cent of the post issue paid-up capital of the company.