New Delhi: Reliance Nippon Life Asset Management Ltd’s initial public offering (IPO) was subscribed 4.93 times on the second day of the share sale on Thursday, data from stock exchanges showed.
As of 12.30pm, the IPO received bids for 211,399,301 shares against the total issue size of 42,840,000 shares, according to NSE data. The IPO will close on 27 October.
On Wednesday, the IPO was subscribed 4.64 times. The portion of shares reserved for institutional investors saw a subscription of 6.13 times, while the portions reserved for retail investors and high net-worth individuals (HNIs) were subscribed 0.9 times and 11.38 times, respectively.
The Reliance Nippon AMC IPO witnessed investments from investors like Rakesh Jhunjhunwala, Nimesh Shah and Aakash Bhansali, CNBC-TV18 reported on Wednesday.
Reliance Nippon AMC has priced its shares in a band of Rs247-252 apiece. The IPO will close on 27 October. The Rs1,542 crore IPO comprises a fresh issue of shares worth Rs617 crore. Promoters Reliance Capital and Nippon Life will collectively sell 36.72 million shares, which at the upper end of the price band will fetch Rs925 crore. Reliance Capital will sell shares worth Rs283 crore, while Nippon Life will offload shares worth Rs642 crore.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.