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Reliance General Insurance Company Ltd files DRHP with SEBI for IPO

Posted On: 2019-02-12 10:18:31

Reliance General Insurance Company Limited ("Company") filed the draft red herring prospectus (DRHP) with The Securities and Exchange Board of India ("SEBI") on February 8, 2019. RGICL is a wholly owned subsidiary of Reliance Capital Limited.

The IPO comprises of a fresh issue of equity shares by the Company ("Equity Shares") aggregating up to Rs. 200 crore, and an offer for sale by Reliance Capital Limited of upto 7,94,89,821 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, CLSA India Private Limited and Credit Suisse Securities (India) Private Limited as the global coordinators and book running lead managers to the issue. Haitong Securities India Private Limited, IndusInd Bank Limited and YES Securities (India) Limited are the book running lead managers. Karvy Fintech Private Limited is the Registrar to the Offer. The IPO is subject to receipt of requisite regulatory approvals, market conditions and other considerations.

RGICL offers a comprehensive and well-diversified range of insurance products in the motor, weather and crop, health, fire and engineering, and marine insurance sectors, as well as in other miscellaneous insurance business lines.

Shares of RELIANCE CAPITAL LTD. was last trading in BSE at Rs.134.9 as compared to the previous close of Rs. 129.25. The total number of shares traded during the day was 3141056 in over 24388 trades.

The stock hit an intraday high of Rs. 138 and intraday low of 129.6. The net turnover during the day was Rs. 420748594.


Source: Equity Bulls

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