Shares of Reliance Nippon Life Asset Management Ltd
is trading lower by 1% on the BSE in morning trade.
According to the company's BSE filing, Reliance Capital has proposed to sell up to 1.93cr shares (through the offer-for-sale mechanism) of Reliance Nippon Life Asset Management on September 11 (for non-retail investors only) and on September 12 (for retail investors and non-retail investors who choose to carry forward their unallotted bids).
The OFS also has an option to additionally sell up to 1.93cr shares, in case of oversubscription.
The floor price for the offer has been fixed at Rs262 a share. Recently, Nippon Life Insurance Company made a mandatory open offer to acquire up to 15.57cr shares, representing 25.33% of the expanded voting share capital of RNAM at Rs230 a share, the filing said.
Reliance Nippon Life Asset Management Ltd is currently trading at Rs283.75, down by Rs1.9 or 0.67% from its previous closing of Rs285.65 on the BSE.
The scrip opened at Rs274.80 and has touched a high and low of Rs284 and Rs274.70 respectively.