Shares meant for retail investors in Reliance Nippon Life Asset Management’s (popularly known as Reliance Mutual Fund) offer for sale (OFS) failed to garner full subscription.
The offering saw bids for 1.5 million shares, which was only 28 per cent of 5.3 million shares put on offer. Investment bankers said the unsubscribed shares in the retail book would be allotted to institutional investors. On Friday, the institutional investor portion of the OFS garnered 1.6 times more demand than the shares on offer.
