Reliance Nippon Life $237 million IPO subscribed 81 times

(Reuters) - Indian mutual fund manager Reliance Nippon Life Asset Management Ltd's initial public offering to raise up to 15.42 billion Indian rupees ($237 million) was subscribed more than 81 times on the last day of the sale on Friday, stock exchange data showed.

Investors bid for about 3.49 billion shares, or 81.4 times the 42.8 million shares on offer, data as of 1300 GMT showed. http://bit.ly/2llo84a

The mutual fund manager is selling 24.5 million new shares with a price band of 247-252 rupees per share, while its two main shareholders - Nippon Life and Reliance Capital Ltd - will offload 25.5 million and 11.2 million shares, respectively.

Anchor investors have agreed to subscribe to shares worth 4.63 billion rupees in the IPO.

The sale, which is the first by a mutual fund manager in the country, adds to nearly $8 billion already raised from the primary market in 2017 so far.

($1 = 65.0550 Indian rupees)

(Reporting by Vishal Sridhar in Bengaluru; Editing by Devidutta Tripathy and Vyas Mohan)