Nippon Life India Asset Management has approved the allotment of 16,500 Equity Shares of Face Value Rs.10/- each under the Reliance Nippon Life Asset Management Limited - Employee Stock Option Plan2017 (RNAM ESOP 2017).

Consequently, with effect from 06 July 2020, the Issued, Subscribed and Paid-Up Equity Share Capital of the Company stands increased to 612,128,367 Equity Shares of Face Value Rs.10/- each.

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Nippon Life India Asset Management announced that the company will shift its registered office to 4th Floor, Tower A, Peninsula Business Park, Ganapatrao Kadam Marg, Lower Parel (W), Mumbai - 400 013 with effect from 29 June 2020.

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Profit before tax (PBT) declined 87.1% on a year-on-year (YoY) basis to Rs 27.35 crore during the period under review. Total expenditure was down 34.1% to Rs 122.21 crore. Current tax expenses contracted 65.8% to Rs 24.11 crore in Q4 FY20 over Q4 FY19.

As on 31 March 2020, NAM India's assets under management was Rs 2,55,265 crore (US$34 billion). For the quarter ended 31 March 2020, equity assets contributed 42% to NIMF's AUM vis-à-vis 39% for the corresponding quarter in the previous year.

Sundeep Sikka, ED & CEO, NAM India, said: FY20 has been an eventful year for us as Nippon Life Insurance became our principal shareholder. Post rebranding, Nippon India Mutual Fund (NIMF) took positive strides towards regaining its lost industry market share and investor base. Growth in AUMs reflected the increased investor confidence in NIMF, both in the individual and corporate segments. H2 FY20 saw a growth of 16% in operating profit driven by better investor stickiness, ability to preserve yields and cost efficiencies, despite turbulent equity markets and former legacy issues.

Responding to the overall economic slowdown due to the Covid19 crisis, and the resultant market uncertainties, the board, on a conservative note, decided that all NIMF's schemes will make fresh investments in AA and above rated issuers only.

He added that, despite the lockdown, the company's business operations continued without any disruption, using digital platforms.

Our business fundamentals continue to be strong, primarily driven by unstinted support from Nippon Life Insurance, dominant market position, stable management team, vast and granular distribution network, robust risk management framework, superior digital ecosystem, and a vibrant domestic growth story. Our focus on profitable growth will continue in the future too, the CEO said.

Nippon Life India Asset Management is one of the largest asset managers in India, managing (directly & indirectly) assets across mutual funds, managed accounts, alternative investments and offshore funds. NAM India is the asset manager of Nippon India Mutual Fund's schemes.

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Nippon Life India Asset Mgt. announced that the Board of Directors of the Company at its meeting held on 15 May 2020, has recommended a Final dividend of Rs.2 per share (i.e.20%), subject to the approval of the shareholders.

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