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Reliance Capital plans asset management unit IPO as billionaire Ambani seeks funds

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  © Reuters

MUMBAI (NewsRise) -- Anil Ambani-backed Reliance Capital plans to sell a 10% stake in its asset management unit through an initial public offering, marking the billionaire's latest effort to raise funds for his businesses.

The board of Reliance Capital, the finance arm of Ambani's business, has approved the listing of Reliance Nippon Life Asset Management, Chief Executive Sundeep Sikka said at a press conference on Wednesday. The company will list on the exchanges by March, he said.

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