Anil Ambani-led Reliance General Insurance Company has filed the draft red herring prospectus (DRHP) for its IPO to raise up to Rs 200 crore. We take a closer look.
Anil Ambani-led Reliance General Insurance Company has filed the draft red herring prospectus (DRHP) for its IPO to raise up to Rs 200 crore, the firm said in a release. “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,” said the firm. Notably, the IPO (Initial Public Offering) consists of a fresh issue of shares totalling to up to Rs 200 crore, and an offer for sale by Reliance Capital of up to 7,94,89,821 shares. The face value of the shares is Rs 10 per stock.
For its proposed IPO, the firm 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. “The IPO is subject to receipt of requisite regulatory approvals, market conditions and other considerations,” said the firm in the release. Haitong Securities India, IndusInd Bank and YES Securities (India) Ltd are the book running lead managers.
The latest development comes less than three months after regulatory approval for its previous proposal lapsed for its Reliance General Insurance IPO. Notably, Reliance General Insurance had first filed its draft prospectus in October 2017 and got the required approval the following month.