Breaking News

You are here » Indian-Commodity  :  Top News  :  Reliance Capital's arm receives final observations from SEBI for IPO


Reliance Capital's arm receives final observations from SEBI for IPO

Reliance Capital's wholly owned subsidiary - 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.

Related News

View all news

Gold futures end tad lower ahead of Fed meet

Gold futures ended marginally lower on Monday, due to the cautious outlook by the bullion investors ahead to the outcome of the Federal Reserve's meeting later this week. Gold futures for April delivery......

Crude oil futures settle higher as OPEC looks to stick to output cuts through June

Crude oil futures ended higher on Monday as Organization of the Petroleum Exporting Countries (OPEC) and its allies looked set to continue their crude production cuts until June. The Joint Ministerial......

Jeera futures trade higher on lower output

Jeera futures traded higher on NCDEX, on the back of increased buying due to lower output amid lower acreage in Gujarat. Besides, expectations of improving domestic demand for new season crop also fuelled......

Top News

View all news

RIL's telecom arm terminates agreement with Reliance Communications

Reliance Industries' (RIL) telecom arm -- Reliance Jio Infocomm (Jio) has terminated Master Agreement and Spectrum Trading Agreement executed between the company and Reliance Communications and its affiliates......

Hotel Leela Venture signs binding agreement with Brookfield

Hotel Leela Venture (HLVL) has entered into a binding agreement with a Brookfield Asset Management sponsored private real estate fund, to sell by way of slump sale, four owned Leela hotels located at Bangalore,......

Dr. Reddy's Laboratories launches B2B customer service portal 'XCEED'

Dr. Reddy's Laboratories has launched B2B customer service portal 'XCEED' to increase the operational efficiency. The portal is focused on meeting the growing demand for the company's portfolio of generic......