RELIANCE GENERAL INSURANCE RECEIVES FINAL OBSERVATIONS FROM SEBI FOR IPO
New Delhi, 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 sizeaggregates to 25% of the post issue paid-up capital of RGICL and comprises of afresh issue of upto 1,67,69,995 equity shares by the Company (“Equity Shares”)andan offer for sale by Reliance Capital Limited of upto 5,03,09,984EquityShares. The face value of the Equity Shares is Rs. 10 per Equity Share.
For thisproposed IPO, the Company has appointed Motilal Oswal Investment AdvisorsLimited, Credit Suisse Securities (India) Private Limited, Edelweiss FinancialServices Limited and UBS Securities India Private Limited as the globalcoordinators and book running lead managers to the issue. Haitong SecuritiesIndia Private Limited and IDBI Capital Markets & Securities Limited are thebook running lead managers and Karvy Computershare Private Limited is theRegistrar.
The NetProceeds from the fresh issue will be utilised for augmenting the solvencymargin and consequently increase the solvency ratio, to meet future capitalrequirements which are expected to arise out of growth.
RGICLprovides a wide range of general insurance products like fire, motor, health,home, travel, weather, crop, etc.
RelianceGeneral Insurance is a wholly owned subsidiary of Reliance Capital Limited.