Reliance Nippon Life AMC is planning to use portion of the IPO proceeds to fund inorganic growth, a company official said today.
“The proceeds of the proposed IPO will be used partly to fund inorganic expansion of its business,” Saugata Chatterjee, head (sales and distribution) of Reliance Nippon Life AMC told reporters here today.
The company, a joint venture between Reliance ADAG and Nippon Life of Japan, would both issue fresh shares and offer for sale (OFS) of promoters’ holdings to raise around Rs. 1,500 crore from the market through the IPO.
Chatterjee said that the company would be the first among the AMCs in the country to come out with a public offer.
