The Securities and Exchange Board of India (Sebi) on Thursday has issued its final observation letter on the draft red herring prospectus (DRHP) filed by Reliance General Insurance Company Limited. The IPO will account for 25% of the post issue paid-up capital of RGICL and comprise a fresh issue of up to 1.67 crore equity shares by the company and an offer for sale by Reliance Capital of up to 5.03 crore equity shares. The face value of the equity shares is Rs 10. 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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