Shares of Reliance Capital
extended gains to the third consecutive session on strong response to the initial public offer of its subsidiary Reliance Nippon Life Asset Management.
Reliance Nippon's IPO opened for subscription to public today and was fully subscribed within the first 15 minutes. As on 12:30 IST, the issue had been subscribed 2.58 times. The company has set a price band of Rs 247-252 for its IPO, which closes on Friday.
The scrip opened at Rs 579 and has touched a high and low of Rs 588.5 and Rs 568.7 respectively.
Reliance Capital Limited, a non-banking financial company, primarily engages in lending and investing activities in India. Its revenue mix comprises of life asset management business (~32%), general insurance (~28%) and Finance & Investments (12%) in FY17. Its other segments - AMC, housing, commercial finance and others contributed ~7%, ~6%, ~11% and ~4% respectively. Its AUM is at Rs. 4 lakh crore and capital adequacy ratio at 40% as on FY17.