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Reliance General Insurance files draft IPO papers with securities regulator

Reliance General Insurance Co. Ltd. filed draft papers for its IPO with the Securities and Exchange Board of India, Press Trust of India reported Oct. 9.

The insurance company plans to issue 16.77 million new shares through the listing, while Reliance Capital Ltd., the insurer's parent, plans to sell 50.3 million shares.

Reliance General Insurance will utilize the funds to increase its solvency ratio and meet future capital requirements.

The insurer's planned IPO follows that of SBI Life Insurance Co. Ltd. and ICICI Lombard General Insurance Co. Ltd., and comes at a time of increased interest among Indian insurers to go public.

Motilal Oswal Investment Advisors Ltd., Credit Suisse Securities (India) Pvt. Ltd, Edelweiss Financial Services Ltd., UBS Securities India Pvt. Ltd., Haitong Securities India Pvt. Ltd. and IDBI Capital Markets and Securities Ltd. will manage the offering.