Reliance General Insurance Receives Final Observations From SEBI For IPO

2024-11-23 05:00:45 Business

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Mumbai, November 30, 2017: The Securities and Exchange Board of India (SEBI) has issued its final observation letter to the draft red herring prospectus (DRHP) dated October 9, 2017, filed by Reliance General Insurance Company Limited.

The IPO size aggregates to 25% of the post issue paid-up capital of RGICL and comprises of a fresh issue of upto 1,67,69,995 equity shares by the Company (?Equity Shares?)and an offer for sale by Reliance Capital Limited of upto 5,03,09,984 Equity Shares. The face value of the Equity Shares is Rs. 10 per Equity Share.

For this proposed IPO, the Company has appointed Motilal Oswal Investment Advisors Limited, Credit Suisse Securities (India) Private Limited, Edelweiss Financial Services Limited and UBS Securities India Private Limited as the global coordinators and book running lead managers to the issue. Haitong Securities India Private Limited and IDBI Capital Markets & Securities Limited are the book running lead managers and Karvy Computershare Private Limited is the Registrar.

The Net Proceeds from the fresh issue will be utilised for augmenting the solvency margin and consequently increase the solvency ratio, to meet future capital requirements which are expected to arise out of growth.

RGICL provides a wide range of general insurance products like fire, motor, health, home, travel, weather, crop, etc.

Reliance General Insurance is a wholly owned subsidiary of Reliance Capital Limited.

About Reliance Capital Limited
Reliance Capital Limited, a part of the Reliance Group, is one of India?s leading private sector financial services companies.It ranks amongst the top private sector financial services and banking groups, in terms of net worth. The Company is a constituent of MSCI Global Small Cap Index.

Reliance Group is amongst India?s leading business houses with over 250 million customers. The Group has a strong presence across a wide array of high growth consumer-facing businesses of financial services, telecom, energy, power, infrastructure, and Defence.

Reliance Capital has interests in asset management and mutual funds; life and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.

About Reliance General Insurance Company Limited
Reliance General Insurance Company Limited (RGICL) is one of the leading private-sector general insurance company?s in India. Based on its gross direct premium income (?GDPI?) for the quarter ended June 30, 2017, RGICL is among the five largest private sector general insurance companies in India, according to the report titled ?Indian General Insurance Industry-Overview? dated October 4, 2017, prepared by ICRA Limited. RGICL offers a comprehensive and well-diversified range of insurance products in the motor, health, fire and engineering, marine, insurance sectors, as well as in weather and crop and other miscellaneous insurance business lines, which the company provides through multiple distribution channels. RGICL also participate in a number of insurance schemes promoted by the Government, notably in respect of weather insurance, crop insurance and mass health insurance.