Mumbai, Oct 9 (IANS) Non-life insurer Reliance General Insurance Company Limited on Monday said it has filed its Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (Sebi).
In a statement issued here, the company said the DRHP has been filed with SEBI seeking permission for its initial public offering (IPO).
The IPO comprises of an offering of up to 67,079,979 equity shares of face value of Rs. 10 each of Reliance General Insurance.
The offer comprises of a fresh issue of up to 16,769,995 equity shares by Reliance General Insurance and an offer for sale by Reliance Capital Limited of up to 50,309,984 equity shares.
According to the company, the net proceeds from the fresh capital issue will be used for (i) augmenting the solvency margin and consequently increase the solvency ratio and (ii) to meet future capital requirements which are expected to arise out of growth.