Reliance General Insurance, an owned subsidiary of Reliance Capital, has decided to list itself on stock exchange and to sell its 10% stocks via IPO. The valuation at which it aims to get listed on the stock exchange is not yet announced. However, sources claim that the company is planning to shell out at least 25% of its equity in next 3 years.
The move to list itself on the stock exchange was approved by the board of Reliance General Insurance. The listing will give options to the stakeholders of Reliance Capital, which owns Reliance General Insurance. The officials are now waiting for approvals from respective authorities and plan to compete the listing process by end of this financial year.
Speaking on the development, Rakesh Jain, MD – Reliance General Insurance said that the insurance industry is set to grow along with the growth in economy in the coming years. This opportunity of listing will give a chance to the retail investors to be a part of the growth. Last year, Reliance General had reported a growth of 40%, compared to the industry average of 18-20%.