Buy Reliance Nippon Life Asset Management at a price target of Rs 300.

The payment of Rs 792 crore constitutes a "substantial portion" of the outstanding NCDs.

Reliance Capital said no pledged shares of RNAM have been invoked by any lender.

RNAM saw institutional investors bids 1.3 times the institutional quota on Day 1 on Wednesday.

Cash-strapped CG Power has failed to raise working capital loans as banks are reluctant to lend.

The offer will open on July 16 and close on July 29 subject to regulatory approvals.

A takeover or buyout of a fund house usually has no bearing on mutual fund investors.

RNAM will continue to remain a public limited company after the open offer.

The company ranks tenth with 3.82 per cent market share.

Last fiscal, RNAM made a net profit of Rs 522 crore.

Buy Reliance Nippon Life Asset Management Ltd. at a price target of Rs 314.0 .

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

The combined bids from the marquee investors are believed to be around Rs 550 crore.

Till Thursday, the IPO was oversubscribed 7.45 times.

The issue has received bids for 20,76,32,151 shares compared with the total issue size of 4,28,40,000 shares.

It will be the first initial share sale by a major asset management company in India.

Anil Ambani-led Reliance Group's asset management arm is expected to see a huge demand of over Rs 15,000 crore from anchor investors.