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Reliance Nippon slips as promoter to dilute stake through OFS

Reliance Nippon Life Asset Management was down by 0.55% to Rs 216.50 at 9:36 IST on the BSE after the company announced that one of the promoters of the company, Reliance Capital, has proposed offer for sale of equity shares.

The announcement was made after market hours yesterday, 12 June 2019.

Meanwhile, the S&P BSE Sensex was down by 127 points, or 0.32% to 39,629.81.

On the BSE, 3675 shares were traded in the counter so far compared with average daily volumes of 61,000 shares in the past two weeks. The stock had hit a high of Rs. 216.80 and a low of Rs 215.20 so far during the day. It hit a 52-week high of Rs. 278.95 on 6 August 2018 and a 52-week low of Rs. 120.20 on 14 February 2019.

Reliance Nippon Life Asset Management announced that Reliance Capital, one of the promoters of the company, has proposed to sell upto 1.75 crore (2.86% of the total paid up capital) equity shares via Offer for Sale (OFS) through a separate, designated window of BSE and National Stock Exchange of India. The sale will be done in two tranches: first, on 13 June 2019 for non retail investors only and second, on 14 June 2019 for retail investors and non retail investors. The floor price of the sale is Rs 212 per share.

Reliance Nippon Life Asset Management reported 34.2% rise in the consolidated net profit to Rs 151.08 crore on a 9.7% reduction in the consolidated total income to Rs 397.49 crore in Q4 March 2019 over Q4 March 2018.

Reliance Nippon Life Asset Management is engaged in the business of Fund Management Activities

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