The Reliance Nippon AMC has set a price band of Rs247-252 per share. Photo: iStockNew Delhi: Reliance Nippon Life Asset Management Ltd’s initial public offering (IPO) was subscribed 4.64 times on the first day of the share sale on Wednesday. As of 5pm, the IPO received bids for 198,874,840 shares against the total issue size of 42,840,000 shares, according to NSE data. In the Reliance Nippon AMC IPO, 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 25, 2017 06:00 UTC