Reliance General Insurance Files IPO Application With IRDAI:
As per sources Reliance Capital has started the process for listing its general insurance business Reliance General Insurance (RGIC) by filing papers with the regulator. The company also plans to set up a new standalone health insurance company soon.
Reliance Capital has filed draft red herring prospectus (DRHP) with insurance regulator IRDA for its general insurance business IPO.
RCAP currently owns 100% of RGIC and the company is seeking approval to sell up to 25% in the initial public offering.
It expects to raise Rs 1,500- Rs 2,000 crore through RGIC IPO as value unlocking measures. RCAP is separately listing Reliance Nippon AMC and Reliance Home Finance this year.
The insurance company is targeted to file DRHP with market regulator SEBI by September and to launch IPO by October-November 2017.
The Board had in June approved a proposal to independently list the company on the stock exchanges. The move is is expected to unlock substantial value for all stakeholders.
The company provides a wide range of general insurance products like fire, motor, health, home, crop and travel.
The company outperformed industry to grow at 40% in FY17.
The company also plans to set up a new standalone health insurance company soon.
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