Reliance Nippon Life Asset Management (RNAM), India’s third-largest mutual fund, concluded its initial public offering (IPO) on 6 November in a listing that was the first by an asset management company (AMC) in India.
The IPO was a combination of a fresh issue by RNAM and an offer for sale by Reliance Capital – RNAM’s promoter – and Nippon Life Insurance Company, totalling ₹15.4 billion (US$239 million). RNAM’s equity shares were listed on the Bombay Stock Exchange and the National Stock Exchange of India.
Luthra & Luthra advised RNAM with a team comprising partners Manan Lahoty and Geeta Dhania; managing associate Rohan Sahai; and associates Abhyuday Bhotika, Mansi Jhaveri, Anshul Roy and Apoorv Gupta.
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