Reliance Group plans IPO of MF subsidiary
DSIJ Intelligence / 07 Jun 2017
Reliance Group is planning to launch an initial public offering for its mutual fund subsidiary, which is likely to take the value of the company to nearly Rs 20,000 crore.
Reliance Group is planning to launch an initial public offering for its mutual fund subsidiary, which is likely to take the value of the company to nearly Rs 20,000 crore.
Reliance MF, the third largest firm in the MF segment, will become the maiden major asset management company (AMC) in India to launch its IPO. However, growing MF firm, UTI MF is also in the process of launching it’s IPO.
According to reports posted by the company, the board of Reliance Nippon Life Asset Management (RNAM) approved the proposal of an initial public offering on June 7, 2017. RNAM has assets under management worth Rs 3.6 lakh crore, which includes Rs 2.11 lakh crore for mutual fund.
Reliance Nippon Life Asset Management, a subsidiary of Reliance Capital with Nippon Life Insurance Company as its strategic partner. Reliance Capital has 51 per cent shares in RNAM.
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