Reliance General Insurance Files DRHP with SEBI for Initial Public Offering (IPO)

Deepthi | Myequity news | Date : 12-02-2019 10:15:00 IST

Reliance General Insurance Company Limited filed the draft red herring prospectus (DRHP) with The Securities and Exchange Board of India (“SEBI”) on February 8, 2019. RGICL is a wholly owned subsidiary of Reliance Capital Limited.

The IPO comprises of a fresh issue of equity shares by the Company (“Equity Shares”) aggregating up to ₹200 crore, and an offer for sale by Reliance Capital Limited of upto 7,94,89,821 Equity Shares. The face value of the Equity Shares is ₹10 per Equity Share.

For this proposed IPO, the Company has appointed Motilal Oswal Investment Advisors Limited, CLSA India Private Limited and Credit Suisse Securities (India) Private Limited as the global coordinators and book running lead managers to the issue. Haitong Securities India Private Limited, IndusInd Bank Limited and YES Securities (India) Limited are the book running lead managers. Karvy Fintech Private Limited is the Registrar to the Offer. The IPO is subject to receipt of requisite regulatory approvals, market conditions and other considerations.

RGICL 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.

About Reliance Capital Limited

Reliance Capital Limited is a RBI registered Core Investment Company – Non-Deposit Taking Systemically Important Institution with business interests in asset management, life, general and health insurance, commercial and home finance, stock broking, wealth management services, distribution of financial products, asset reconstruction, proprietary investments and other activities in financial services.

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