Reliance Nippon Life Asset Management is looking to use the proceeds of around ₹165 crore from its IPOfor acquisitions and expansion of its distribution network.
According to Saugata Chatterjee, Business Head — Distribution, Reliance Nippon, the AMC might launch three-to-four new schemes in certain “specific categories”, even while it may have to merge a few of its funds according to SEBI’s circular regarding rationalisation of mutual funds.
“The IPO proceeds will be used for expansion. We want to expand in all the districts of the country. We are also keen to invest in technology and digital space which is the growth engine,” Chatterjee said at a press conference here on Monday.
“A portion of the proceeds will be obviously going towards inorganic expansion if we see some strategic opportunities,” he added. The proposed IPO will open for subscription on October 25 and close on October 27.