Three foreign insurance firms have approached Reliance Capital about buying a stake in its life insurance business before a planned listing, the financial services firm's chief executive said on Monday.
The firm, which has operations in asset management, insurance, mortgages, and broking, and owns stakes in two commodity bourses, plans to set up a small investment banking team by March and close a private equity fund by this year.
Reliance Capital plans to sell up to 26% of its Reliance Life unit, including through an initial public offering, and has said it would sell about 10% to a strategic investor ahead of a listing. Reliance Life, the country's No. 4 private life underwriter by assets under management, is seeking a waiver from a requirement that an insurance company be in business for 10 years before an IPO.
Some of the first foreign-backed insurance joint ventures, including between ICICI Bank and Prudential Plc, Max India and New York Life, and Housing Development Finance Corp and Standard Life, are said by market players to be eyeing IPOs after they cross the 10-year mark next year.
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Bajaj Finance | 7337.95 |
Shriram Finance | 2482.50 |
Aditya Birla Capital | 229.05 |
SBI Cards AndPayment | 758.35 |
Chola Invest & Fin. | 1150.25 |
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