Anil Ambani's Reliance General Insurance Files IPO

The Anil Ambani-led Reliance Group's non-life insurer, Reliance General Insurance Company Ltd, has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), said parent company Reliance Capital Ltd.

In a statement issued here, Reliance Capital said the initial public offering (IPO) by its wholly-owned subsidiary Reliance General comprises fresh equity issue aggregating up to Rs 200 crore. The offer for sale by Reliance Capital will be up to 7,94,89,821 equity shares.

The face value of per equity share is Rs 10.

The IPO is subject to receipt of requisite regulatory approvals, market conditions and other considerations, the statement said.