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Reliance Nippon Can File IPO Draft Papers Soon

Reliance Nippon Can File IPO Draft Papers Soon:

The board of Reliance Nippon Life Asset Management (RNAM) is expected file the draft red herring prospectus (DRHP) for listing the equity shares of the company very soon.

Reliance Nippon Life Asset Management Ltd (formerly Reliance Capital Asset Management Ltd) is India’s third-largest mutual fund manager. It is jointly owned by Japanese financial behemoth Nippon Life and Reliance Capital.

Reliance Nippon, a subsidiary of Reliance Capital Ltd (RCL), managed Rs 3.58 trillion of assets as on 31 March. Reliance Capital owns 51% stake while its strategic partner Nippon Life Insurance Co. holds 49%.

As per Sources in the DRHP proposed issue will be for 10 per cent shares, comprising a fresh issue and a secondary sale by the existing investors. It will result in Nippon Life’s and Reliance Capital’s stakes reducing to 43 per cent each.

The proposed issue will comprise 4 per cent fresh shares can be issued by RNAM to raise about Rs 720 crore. The company will use the proceeds to strengthen its distribution network across the country.

As of July end, RNAM had total asset under management of Rs 3.6 lakh crore, including Rs 2.29 lakh crore under mutual fund. Besides the mutual fund asset, it also manages funds in overseas countries and provident fund in India.

Market Update:

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Keep watching this blog to keep yourself updated with all the news.

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