Reliance General Insurance Co. Ltd has announced its plans to list on the stock exchanges. The insurer, which is a wholly owned subsidiary of Reliance Capital Ltd, is planning to complete the listing in the current financial year by listing 10% of its stake in the first tranche and up to 25% over 3 years.
The announcement has come just days after a similar announcement by ICICI Bank Ltd, for the initial public offering of ICICI Lombard General Insurance Co. Ltd, which is a joint venture between ICICI Bank and Fairfax Financial Holdings Ltd. Earlier this year, the government had also cleared a proposal to list five public sector general insurance companies.