Reliance Life’s IPO distribution, 20 thousand 509 people empty-handed

BUSINESS

The IPO issued by Reliance Life Insurance Limited from August 19 to 20 has been allotted.

The distribution took place on Friday at the office of the sales manager, Sanima Capital.

The company had issued 6.3 million shares worth a total of Rs 630 million. Out of that, 315,000 shares were allotted for collective investment funds and 315,000 shares for employees and the remaining 567,000 shares were issued to the public.

According to sales management Sanima Capital, out of 589,464 people who applied for the IPO, 1,955 applications have been rejected. The remaining 5 lakh 87 thousand 509 eligible applications have been received. As there were 3.58 times more applications than the demand, the shares have been distributed through round robin.

Of which, only 567,000 people have received shares of the company when it was distributed at the rate of at least 10 lots. The remaining 20,509 were left empty-handed. Capital has stated that the IP results will be made available through my share within a few hours.

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