Reliance Nippon Life AMC Files IPO Papers; Eyes Rs 18,000 Crore Valuation

New Delhi: Anil Ambani-led Reliance Group's asset management arm today filed draft papers with markets regulator Sebi to float an IPO, which is expected to value the company at about Rs 18,000 crore, merchant bankers said. It would be the first initial public offering by a major asset management company (AMC) in India, though smaller rival UTI Mutual Fund's IPO plans have been in the works for a long time. It will also be the first...