Markets

RNAM offer-for-sale opens on September 11

Our Bureau Chennai | Updated on September 26, 2019

Reliance Capital proposes to sell up to 1.93 crore shares (through the offer-for-sale mechanism) of Reliance Nippon Life Asset Management on September 11 (for non-retail investors only) and on September 12 (for retail investors and non-retail investors who choose to carry forward their unallotted bids). The OFS has also an option to additionally sell up to 1.93 crore shares, in case of oversubscription. The floor price for the offer has been fixed at ₹262 a share. Recently, Nippon Life Insurance Company made a mandatory open offer to acquire up to 15.57 crore shares, representing 25.33 per cent of the expanded voting share capital of RNAM at ₹230 a share.

Published on September 09, 2019

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