The board of Reliance Nippon Life Asset Management (RNAM) have given their approval for the plan to list the equity shares of the company. However percentage of dilution which is subject to regulatory and corporate approval is yet to be decided, company said in the press release.
RNAM is the asset manager to Reliance Mutual Fund and will be the first among the top 3 players in the AMC industry to list its shares on exchanges. According to data from the Association of Mutual funds in India (Amfi), the average asset management for Reliance Mutual Fund as on January-March quarter, stood at Rs 2,10,891 crore. ICICI Prudential Mutual Fund and HDFC Mutual Fund currently holds number one and two position respectively in terms of average AUM.
“As a part of financial inclusion, we have been creating wealth for MF unit holders. Now, it’s an opportunity for retail investors to participate as equity shareholders in the asset management company. Along with further consolidations happening in economy we would like to be ready to take advantage of suitable acquisitions,” said Sundeep Sikka, ED and CEO, Reliance Nippon Life Asset Management Ltd.