Reliance General Insurance to sell 10% stake through IPO

August 15 2017 by InsuranceAsia News Staff

Reliance General Insurance, a unit of the Indian diversified financial services holding firm Reliance Capital, is looking at selling 10% of its equity through an initial public offering (IPO).

Reliance Capital has filed the draft IPO documents with the Insurance Regulatory and Development Authority of India for listing its general insurance business.

While the initial plan is to sell through an IPO 10% of Reliance General Insurance, the general insurer is looking at selling a total of 25% over the next three years.

Rakesh Jain, CEO of Reliance General, said the listing will enable retail investors to participate in the high growth and new wealth creation opportunities in India.

If the plan pushes through, Reliance will be the fourth general insurance company to have announced its intentions to list.

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