Reliance Capital has filed an application with the IRDAI for an initial public offering of shares in its nonlife insurance company, Reliance General Insurance, with plans to raise INR15 billion (US$233 million) to INR20 billion from the flotation.
The company intends to sell up to 25% of its shares in the insurer, in which it currently holds 100%, reported the Indian media. The IPO is planned to take place in November.
This year will be a busy year for IPOs by insurance companies. State-owned New India Assurance and GIC Re filed their draft red herring prospectus earlier this month.
Other state-owned nonlife insurers, National Insurance, United India Insurance and Oriental Insurance are preparing to list their businesses as part of the government’s plans to list its five nonlife insurers.
Currently, ICICI Prudential Life is the only listed insurer in India. Last month, SBI Life Insurance filed a draft red herring prospectus with the Securities and Exchange Board of India for an IPO. Furthermore, HDFC Life is planning to list its shares.