Reliance AMC allots anchor shares worth Rs 463 crore

Reliance Nippon Life Asset Management Company (AMC) on Tuesday allotted shares worth Rs 463 crore to two dozen institutional investors in the anchor category.

Reliance Nippon AMC’s Rs 1,540-crore initial public offering (IPO) opens for subscription on Wednesday. 

The price band for the maiden offer is Rs 247-252 per share. The company has finalised allotment of 18.6 million shares at Rs 252 apiece. 

Some of the anchor investors who were allotted shares include Abu Dhabi Investment Authority, Kuwait Investment Authority, Fidelity International and Morgan Stanley. Among domestic mutual funds, HDFC MF, Birla MF and SBI MF were allotted shares.

New India Assurance 

New India Assurance, the largest general insurance company in India, will hit the capital markets on November 1 to raise about Rs 10,000 crore through an IPO, according to merchant banking sources. The company’s initial share sale will close on November 3.

The IPO comprises sale of 96 million shares by the government, besides fresh issue of 24 million shares. The exact amount and pricing for the IPO will be announced by the company on Wednesday. 

The firm is expected to list on the bourses on November 13, merchant banking sources said.