Reliance Capital to offer for sale up to 5.03 crore equity shares in proposed IPO
The Securities and Exchange Board of India (SEBI) has issued its final observation letter to the draft red herring prospectus (DRHP) dated 09 October 2017 filed by Reliance General Insurance Company.The IPO size aggregates to 25% of the post issue paid up capital of RGICL and comprises of a fresh issue of upto 1,67,69,995 equity shares by the Company (Equity Shares)and an offer for sale by Reliance Capital of upto 5,03,09,984 Equity Shares. The face value of the Equity Shares is Rs. 10 per Equity Share.
The Net Proceeds from the fresh issue will be utilised for augmenting the solvency margin and consequently increase the solvency ratio, to meet future capital requirements which are expected to arise out of growth.
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