your password has been reset successfully, Please login again.

Reliance Mutual Fund files for IPO

Reliance Nippon Life Asset Management Ltd is in the process to launch its IPO with the capital market regulator stock exchange.
BY BEx Bureau
BusinessEx
Aug 22, 2017

The company has filed the documents for initial public offering and plans to initiate the procedure once SEBI approved for the same. Also, there are ten more firms that are sitting with an approval to issue companys IPO.

The company plans not to take benefit only from the issue of IPO in the stock market but also wants to attract a horde of investors to invest in companys asset management system. Last month, assets under management in mutual funds rise up to Rs 6.3 lakh crore.

The issue comprises of the sale of 36.72 million shares of the company from which fresh issue will be around 24.48 million shares. As per company projections and planning, this issue will raise capital in between Rs 1350-1800 crore. The company aims to raise Rs 540-720 crore of the total corpus generated via fresh issue. The proceeds of Rs 165 crore will be used for growth purpose and strategic planning.Around Rs. 125 crore will be utilized to back other investment funds of the company. For relocation and new branches set up around Rs. 38.3 crore will be used. The rest will be used for marketing, enhancing IT system and for other general operations.

Reliance and Nippon both are planning to offload their shares. This IPO will bring both the partners at the same level in stakeholding of 42.88% each. At present, Nippon holds 49% stake.

Please add your Comment
SIMILAR News
January 23, 2019
Namrata Kaul and Srinivasan Sridhar are new directors of Chennai-based company, Vivriti Capital. ...More
By Jaspreet Kaur
January 23, 2019
Owing to the change in IL & FS management’s stance, Crisil reduces NCD of IL &FS. ...More
By Jaspreet Kaur
January 22, 2019
China expects a slowdown in the FY-2019; trade war and decreasing demand need to be blamed. ...More
By Jaspreet Kaur
January 22, 2019
USB Q4 pre-tax profit leaps down by $1.038 billion; the bank envisions a slowdown in the further cou ...More
By Jaspreet Kaur
January 21, 2019
Kotak Mahindra earned profit-after-tax INR 1,291 crore in December quarter. ...More
By Jaspreet Kaur
January 21, 2019
BMW X4 launched by Germany automobile maker on Monday. ...More
By Jaspreet Kaur
January 19, 2019
RedSeer FoodTech Leadership Index claims Swiggy to top on the customer satisfaction list. ...More
By Jaspreet Kaur
January 18, 2019
South Korean Carmaker, Hyundai gets the investment approval from Tamil Nadu’s government. ...More
By Jaspreet Kaur
January 18, 2019
FirstCry receives investment from Softbank worth $ 400 million. ...More
By Jaspreet Kaur
January 16, 2019
Commerce and Industry Ministry has exempted taxes on startups, who actively looking for angel invest ...More
By Jaspreet Kaur
January 16, 2019
Commerce and Industry Ministry has exempted taxes on startups, who actively looking for angel invest ...More
By Jaspreet Kaur
January 15, 2019
Bharti Airtel is in preliminary talks to procure Telkom Kenya. ...More
By Jaspreet Kaur