Reliance Nippon Life Asset Management plans to sell its shares
DSIJ Intelligence / 06 Jul 2017
Reliance Capital's subsidiary, Reliance Nippon Life Asset Management plans to sell its shares amounting to a 10% stake in an initial public offering (IPO) as it seeks to tap an equity boom that has propelled the equity markets to record highs.
Reliance Capital's subsidiary, Reliance Nippon Life Asset Management plans to sell its shares amounting to a 10% stake in an initial public offering (IPO) as it seeks to tap an equity boom that has propelled the equity markets to record highs.
Reliance Capital owns 51% of the company, while Nippon Life holds 49%.
The company's share sale will happen in FY18 and would sell more shares over the next four years, adding up to a 25% stake by 2021.
Reliance Nippon Life Asset Management’s AUM stood at Rs 3,58,059 crore. The valuation of an IPO can be between Rs 18,000-20,000 crore, which is around 5% of its AUM.
Investment banking firms JM Financial and CLSA have emerged as front runners for Reliance Nippon Life Asset Management's proposed IPO, according to a leading news agency.
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