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Reliance Mutual Fund's offer for sale fails to garner full subscription

The offering saw bids for 1.5 million shares, which was only 28 per cent of 5.3 million shares put on offer

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2 min read Last Updated : May 27 2019 | 9:57 PM IST

Shares meant for retail investors in Reliance Nippon Life Asset Management’s (popularly known as Reliance Mutual Fund) offer for sale (OFS) failed to garner full subscription.

The offering saw bids for 1.5 million shares, which was only 28 per cent of 5.3 million shares put on offer. Investment bankers said the unsubscribed shares in the retail book would be allotted to institutional investors. On Friday, the institutional investor portion of the OFS garnered 1.6 times more demand than the shares on offer.

Reliance Capital (RCap) offloaded a 8.65 per cent stake in Reliance MF through the OFS . The share sale is

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