Moneycontrol
Oct 09, 2017 03:19 PM IST | Source: Moneycontrol.com

Reliance General Insurance files DRHP with SEBI for IPO

The 6,70,79,979 equity shares public issue comprises of a fresh issue of up to 1,67,69,995 shares by Reliance General Insurance Company and an offer for sale of up to 5,03,09,984 shares by Reliance Capital.

Reliance General Insurance files DRHP with SEBI for IPO

Moneycontrol News

Anil Dhirubhai Ambani Group-owned Reliance General Insurance Company has its draft red herring prospectus (DRHP) with capital market regulator SEBI for seeking permission for its initial public offering (IPO).

The 6,70,79,979 equity shares public issue comprises of a fresh issue of up to 1,67,69,995 shares by Reliance General Insurance Company and an offer for sale of up to 5,03,09,984 shares by Reliance Capital.

The net proceeds from the fresh issue will be utilised for augmenting the solvency margin and consequently increase the solvency ratio.

The company will also use funds for future capital requirements which are expected to arise out of growth.

RGIC offers a comprehensive and well-diversified range of insurance products in the motor, weather and crop, health, fire and engineering, and marine insurance sectors, as well as in other miscellaneous insurance business lines, which the company provides through multiple distribution channels.

Based on its gross direct premium income (GDPI) for the quarter ended June 2017, Reliance General Insurance Company is among the five largest private sector general insurance companies in India, according to the ICRA Report.

Motilal Oswal Investment Advisors, Credit Suisse Securities (India), Edelweiss Financial Services and UBS Securities India are the global co-ordinators and book running lead managers to the issue.

Haitong Securities India and IDBI Capital Markets & Securities are the book running lead managers while Karvy Computershare is the registrar.
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