Reliance Nippon Life IPO : Details, Price, Date & Allotment
The asset management wing of Reliance Industries is prepping up for a massive IPO. The company which has a market share of over 11.3% in the mutual funds arena across India is one of the most sought-after IPO of the year. Reliance Nippon Life IPO
Named as Reliance Nippon Life, the company is also better known as the 2nd most profitable asset management company of India.
Enjoying the parent company’s brand value and its promoter Anil Ambani’s credibility, Reliance Capital Limited is an RBI registered non-banking finance company with business interests including in commercial and home finance, stock broking, wealth management services, distribution of financial products, asset reconstruction and proprietary investments. asset management and mutual funds, life, health and general insurance.
Company Promoters:
The Promoters of the Company are:
- Reliance Capital Limited;
- Nippon Life Insurance Company
Issue Specifics
The issue commences on October 25, 2017 and will terminate on October 27, 2017. The issue price is pegged in between the range of Rs 247 – Rs 252 Per Equity Share. The bidders will be able to bid for a minimum of 59 shares (in lots). The listing will take place on both bourses namely BSE and NSE. The public issue comprises fresh issuance of 2.45 crore shares, besides an offer for sale of 1.12 crore shares by Reliance Capital and 2.55 crore shares by Nippon Life Insurance Company, as per the draft papers filed with the regulator.
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Allotment status
As far as the allotments dates are concerned, the finalisation will be done on or around November 1, 2017. For those not allotted shares, the refund of funds will be done by November 3, 2017. The shares will be credited to the Demat accounts of successful biders by November 3, 2017. The shares will be listed on November 6, 2017 and public trading will commence from the same day.
