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Reliance Nippon Life board to meet on Jan 16

Our Bureau Mumbai | Updated on January 09, 2018 Published on January 09, 2018

To consider interim dividend and take stock of financial performance

The Board of Reliance Nippon Life Asset Management will meet on January 16 to consider interim dividend on the equity shares of the company and take into account the financial performance for the quarter ended December.

First dividend after listing

This will be the first dividend of the fund house after its listing on the bourses about three months ago.

Reliance Nippon Life Asset Management’s ₹1,542-crore initial public offering was subscribed 81.37 times in October last year.

The offer had received bids for 348.56 crore equity shares against the total issue size of 4.2 crore shares (excluding anchor portion).

The company had fixed the IPO price at ₹252, at the upper end of the price band of ₹247-252.

Small investors currently own 2.41 crore shares or 3.95 per cent stake in the AMC.

The proceeds from its IPO would be used for setting up new branches and relocating certain existing branches, upgrading the IT system and lending to subsidiary (Reliance Alternative Investment Fund) for investment as continuing interest in the new AIF schemes managed by Reliance AIF, the company had said in the IPO papers.

Published on January 09, 2018
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