Reliance Capital said the IPO of its subsidiary Nippon Life Asset Management will open on Oct 25 and close on Oct 27, with a price band of Rs 247 to Rs 252 per share.

The offer will raise about 1,500 cr, out of which about Rs 600 cr will go to the company and the remaining will go to the promoters.

The IPO consists of a fresh issue of up to 24.48 mln shares and an offer for sale of up to 36.72 mln shares by Reliance Capital Limited and Nippon Life Insurance Company.

The offer shall constitute 10.00% of the post-offer paid-up equity share capital of the company.

The Anchor Investor Bidding will be held on October 24, 2017.

5% of the Net QIB Portion (other than Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only.

The remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to QIBs, including Mutual Funds.

Not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

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