Reliance Nippon Life Asset Management Ltd. received approval for its IPO from the Securities and Exchange Board of India, Press Trust of India reported Oct. 10.
SEBI issued its approval on Oct. 5, according to a document on the regulator's website.
The asset manager, which is a joint venture between India's Reliance Capital Ltd. and Japan's Nippon Life Insurance Co., plans to issue up to 24,480,000 new equity shares. Reliance Capital and Nippon Life Insurance will also sell up to an aggregate 36,720,000 equity shares though the IPO, according to the company's draft prospectus filed with SEBI.
The IPO size will be approximately 10% of the post-issue paid-up capital of the company, and is expected to fetch about 20 billion rupees.
JM Financial, CITIC CLSA, Nomura and Axis Capital were appointed as the global coordinators and book-running lead managers.
As of Oct. 10, US$1 was equivalent to 65.15 Indian rupees.