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IIFL Asset Management Ltd has picked 2.59 per cent stake in Reliance Nippon Life Asset Management Company for consideration of $ 60 million.
This stake buy has been done collectively via IIFL Special Opportunities Fund and its Series 2 and Series 3 funds.
This pre-IPO deal in Reliance Nippon Life AMC is another significant deal by IIFL Special Opportunities Fund. It may be recalled that IIFL Special Opportunities Fund had in May this year picked up 1.59% stake in private insurance company, ICICI Lombard General Insurance in yet another pre-IPO deal.
IIFL Special Opportunities Fund is a close-ended scheme under Category II Alternative Investment Fund (AIF). The fund seeks to generate long-term capital appreciation through investment in equity and equity-related instruments of to-be listed companies.
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