Reliance Nippon AMC plans first dividend after listing

Reliance Nippon Life Asset Management (RNAM) will consider its first interim dividend post listing at its board meeting next week.

RNAM board plans to meet on January 16 to discuss on declaring interim dividend within three months of its listings.

The company in a filing to BSE said today that a meeting of the Board of Directors will be held on January 16, 2018, inter alia, to consider and approve the unaudited financial results for the nine months/quarter ended December 31, 2017, and to consider the interim dividend.

Reliance Nippon Life Asset Management was the first mutual fund listed on the Indian stock exchanges.

Shares of the company got listed on November 6 last year with 17.4 per cent premium at Rs 295.90 over the issue price of Rs 252 on NSE. At present, the stock is trading at Rs 292.65 on NSE.

Its IPO was subscribed over 81 times, with QIB portion getting subscribed 118.40 times, HNI 209.44 times and retail over 5 times.

Reliance Nippon Life Asset Management is one of the largest AMC in the country.

RNAM has more than five years of strategic relationship with Japan's Nippon Life Insurance.