IPO Update: Reliance General Insurance files DRHP

Reliance General Insurance Company Limited (RGICL) has filed the Draft Red Herring Prospectus (DRHP) with SEBI on February 8. RGICL is a wholly-owned subsidiary of Reliance Capital Limited. 

The IPO comprises a fresh issue of equity shares by the company aggregating up to Rs. 200 crore, and an offer for sale by Reliance Capital Limited of upto 7,94,89,821 equity shares. The face value of the equity shares is Rs. 10. 

RGICL offers a comprehensive and well-diversified range of insurance products in the motor, weather and crop, health, fire and engineering and marine insurance sectors, as well as in other miscellaneous insurance business lines. 

Reliance Capital Limited is engaged in asset management, life, general and health insurance, commercial and home finance, stockbroking, wealth management services, distribution of financial products, asset reconstruction, proprietary investments and other financial services. 

On Monday, the stock of the parent company's Reliance Capital opened at Rs. 135.05 per share. At 12:23 hours, the shares were trading at Rs. 131.55 per share, losing 2.48 per cent. The intraday high was Rs. 139 and the intraday low was Rs. 126.50 per share on the BSE. Its 52-week high was Rs. 521 and 52-week low was Rs. 107 per share on BSE. Meanwhile, BSE Sensex was at 36,352.22, down by 0.12 per cent.