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Wednesday, September 9, 2009
Reliance Life Insurance plans to launch an IPO about Rs.3000 crore
Reliance Life Insurance plans to launch an initial public offering (IPO) about Rs.3000 crore, if it gets government approval. It plans to divest 20% in IPO after getting government nod.
·The company had approached the Finance Ministry seeking permission to launch aninitial public offering (IPO). Under the current regulations, a company cannot list unless it has been in existence for 10 years — except in case of the central government’s permission.
·The size of the Reliance Life IPO is expected to be about Rs 3000 crore
·The company was planning to divest a 10% stake in pre-IPO placement and a further 10% to public, if it gets and approval.
·“If they do not get approval due to some unforeseen reason then we’ll go for a strategic partner or a financial partner for 20% or up to 26% & the strategic partner would most likely be a foreign insurance company.
·Company main aim behind the proposed insurance IPO was to unlock value for parent Reliance Capital.
·Reliance Capital ranks No. 4 among India’s private life insurers, where public sector giant Life Insurance Corp is stills the dominant player.
·Reliance Life hopes to break even by the next financial year. Total premium is expected to quadruple to Rs20,000 crore ($4 billion) by the year to March 2012, from Rs4,930 crore at the year ended March 2009,
Disclaimer : All information given here is for information purpose only. Users are advised to rely on their own judgement or investment advisor when making investment decisions. This blog is not liable and take no responsibility for any loss or profit arising out of such decisions being made by anyone acting on such advice.
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