The Rs1,542 crore Reliance Nippon AMC IPO will open on 25 October and close on 27 October. Photo: ReutersMumbai: Reliance Nippon Life Asset Management Ltd, India’s third-largest mutual fund manager, on Tuesday said it has raised Rs462.67 crore by selling shares to institutional investors as part of its anchor book allocation, a day before its initial public offering (IPO) opens. The Rs1,542 crore IPO will open on 25 October and close on 27 October. Promoters Reliance Capital and Nippon Life will collectively sell 36.72 million shares, which at the upper end of the price band will fetch Rs925 crore. Reliance Capital will sell shares worth Rs283 crore, while Nippon Life will offload shares worth Rs642 crore.

Source: Mint October 24, 2017 14:05 UTC