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Reliance Nippon Life AMC IPO subscribed 7.5 times on Day 2

The price band for the IPO is Rs 247-252 per share

BS Reporter  |  Mumbai 

File photo of Sundeep Sikka, ED & CEO, Reliance Nippon Life Asset Management in Mumbai (Photo: Kamlesh Pednekar)
File photo of Sundeep Sikka, ED & CEO, Reliance Nippon Life Asset Management in Mumbai (Photo: Kamlesh Pednekar)

The Rs 1,542-crore initial public offering (IPO) of Nippon Life Asset Management Company (AMC) was subscribed 7.5 times on Thursday, a day before its close.

The institutional investor portion of the offering has garnered 10 times subscription, wealthy investor portion has been subscribed 16 times and category is subscribed 2.4 times. The price band for the is Rs 247 to 252 per share. Promoters Nippon Life and Capital are offering their shares in the worth up to Rs 643 crore and Rs 282 crore respectively. Nippon AMC will also issue fresh shares worth Rs 617 crore in the At the top end of the price band, Nippon, which manages assets worth over Rs 3.8 lakh crore, will be valued at Rs 15,420 crore.

First Published: Thu, October 26 2017. 18:08 IST
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