What to watch. Nippon Life’s open offer to RNAM opens today

The open offer from Nippon Life Insurance Company to the shareholders of Reliance Nippon Life Asset Management opens on Tuesday and closes on August 6. The company plans to acquire up to 25.33 per cent stake (or 15.57 crore shares) in the latter’s expanded voting share capital at ₹230 a share. The open offer was mandatory, as Reliance Capital in May had announced exit from the mutual fund business by selling its stake in RNAM to its joint venture partner Nippon Life.