Highlights of the IPO:
- Price Band of Rs. 247 to Rs. 252 per Equity Share each of Face Value of Rs. 10/each
- The Initial Public Offering of up to 61,200,000 equity shares
- IPO consists of Fresh Issue of up to 24,480,000 equity shares and Offer for Sale of up to 36,720,000 equity shares
- The minimum Bid lot is 59 equity shares and Bids may be made in multiples of 59 equity shares thereafter.
- Bid/Offer opening date - October 25, 2017 and Bid/Offer closing date - October 27, 2017
- The Floor Price is 24.7 times of the face value and the Cap Price is 25.2 times of the Face Value
- The offer shall constitute 10.00% of the post-offer paid-up equity share capital of the company
Reliance Nippon Life Asset Management Limited ("Company"), proposes to open its initial public offering ("IPO" or the "Offer") on Wednesday, October 25, 2017 and close on Friday, October 27, 2017, with a price band of Rs. 247 to Rs. 252 per Equity Share of face value of Rs. 10/- each of the Company (the "Equity Shares"). The Anchor Investor Bidding Date shall be October 24, 2017, being one working day prior to the Bid/Offer Opening Date.
The IPO consists of a fresh issue of up to 24,480,000 equity shares the Company (the "Fresh Issue") and an offer for sale of up to 36,720,000 equity shares by Reliance Capital Limited and Nippon Life Insurance Company (together, the "Promoter Selling Shareholders"). The offer shall constitute 10.00% of the post-offer paid-up equity share capital of the Company.
The Offer is being made in terms of Rule 19(2)(b)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR"), wherein at least 10% of the post-Offer paid-up equity share capital of the Company will be offered to the public. The Offer is being made through the Book Building Process in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBI ICDR Regulations"), wherein 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIB Portion"), provided that the Company and the Promoter Selling Shareholders in consultation with the GCBRLMs and BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors at the Anchor Investor Allocation Price, on a discretionary basis, out of which at least one-third will be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion.
The number of Equity Shares representing 5% of the Net QIB Portion (other than Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs.
Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. For details, see "Offer Procedure" on page 398 of the RHP.
JM Financial Institutional Securities Limited, CLSA India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited and Axis Capital Limited are the Global Coordinators and Book Running Lead managers to the Offer. Edelweiss Financial Services Limited, IIFL Holdings Limited, SBI Capital Markets Limited and Yes Securities (India) Limited are the Book Running Lead Managers to the Offer and Karvy Computershare Private Limited is the Registrar to the Offer.
The Equity Shares offered through the RHP are proposed to be listed on the National Stock Exchange of India and BSE Limited.
Contents of the Memorandum of the Company as regards its Objects: For information on the main objects and other objects of the Company, see "History and Certain Corporate Matters" on page 194 of the RHP and Clause III of the Memorandum of Association of the Company. The Memorandum of Association of the Company is a material document for inspection in relation to the Offer. For further details, see the section "Material Contracts and Documents for Inspection" on page 477 of the RHP.
Shares of RELIANCE CAPITAL LTD. was last trading in BSE at Rs.547.95 as compared to the previous close of Rs. 542.25. The total number of shares traded during the day was 540582 in over 6486 trades.
The stock hit an intraday high of Rs. 553 and intraday low of 539.4. The net turnover during the day was Rs. 294662020.