Contact Your Financial Adviser Money Making MC
7
June 2017
The
board of Reliance Nippon Life Asset Management Ltd (RNAM) has given its
approval to list the company's equity shares on the bourses, the company said
on Wednesday.
In
a statement issued here, RNAM said its board of directors have given their nod
to list the company's equity shares on the stock exchanges subject to necessary
regulatory and corporate approvals. The Total
Investment & Insurance Solutions
RNAM
is the asset manager to Reliance Mutual Fund and will be the first among the
top three players in the asset management sector to list its shares on
exchanges.
"The
proposed listing of RNAM would facilitate sharing of value with the retail
investors applying for its IPO (initial public offering)," the statement
said.
Discussions
with merchant bankers, lawyers and auditors for IPO process would be initiated
soon, it said, adding that the percentage of dilution, which shall be subject
to regulatory norms, is yet to be decided. The
Total Investment & Insurance Solutions
"As
a part of financial inclusion we have been creating wealth for mutual fund unit
holders. Now we also believe it's an opportunity for retail investors to
participate as equity shareholders in the asset management company. Along with
further consolidations happening in economy we would like to be ready to take
advantage of suitable acquisitions," RNAM Executive Director and CEO
Sundeep Sikka was quoted as saying in the statement.
During
the year ended March 31, 2017, the company announced increase of 25 per cent on
its assets under management (AUM) to Rs 3,58,059 crore ($55.1 billion) over
last year; an increase of nine per cent in its total income to Rs 1,436 crore
($221 million) over last year and a 16 per cent increase in its profit before
tax to Rs 581 crore ($90 million).
RNAM
is a subsidiary of Reliance Capital Limited (RCL), with Nippon Life Insurance
Company as its strategic partner. RCL holds 51 per cent of the total issued and
paid-up equity share capital of RNAM.The Total
Investment & Insurance Solutions
No comments:
Post a Comment