Himadri Buch
Moneycontrol News
Reliance Nippon Life Asset Management (RNAM) has got approval from its board of directors for an initial public offer of AMC subject to necessary regulatory and corporate approvals.
The proposed listing will be in FY18 and initially, the AMC will dilute merely 10 percent.
“Initially we will be listing 10 percent and as per the SEBI (Securities and Exchange Board of India) guidelines over the next 3 years which is 2021, we will be going up to 25 percent,” said Sundeep Sikka, ED and CEO, Reliance Nippon Life Asset Management details on valuations.
Market experts peg the valuation at Rs 20,000 crore, which is 5 percent of AUM.
It could be the first initial public offering by a major asset management company (AMC) in India though smaller rival UTI MF’s IPO plans have been in the works for a long…