Reliance General Insurance Company (RGICL) has received final observations from SEBI for IPO. The Securities and Exchange Board of India (SEBI) has issued its final observation letter to the draft red herring prospectus (DRHP) filed by Reliance General Insurance Company.
The IPO size aggregates to 25% of the post issue paid up capital of RGICL and comprises of a fresh issue of up to 1,67,69,995 equity shares by the company and an offer for sale by Reliance Capital of up to 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, Credit Suisse Securities (India), Edelweiss Financial Services and UBS Securities India as the global coordinators and book running lead managers to the issue. Haitong Securities India and IDBI Capital Markets & Securities are the book running lead managers and Karvy Computershare is the Registrar.
The net proceeds from the fresh issue will be utilized for augmenting the solvency margin and consequently increase the solvency ratio, to meet future capital requirements which are expected to arise out of growth.
Reliance General Insurance Company provides a wide range of general insurance products like fire, motor, health, home, travel, weather, crop, etc.
Company Name | CMP |
---|---|
ICICI Prudential | 579.60 |
Star Health and Allied | 545.70 |
Life Insurance Corp | 1022.90 |
HDFC Life Insurance | 565.50 |
New India Assurance | 229.90 |
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