Reliance Group, led by Anil Ambani, plans to introduce an IPO for its general insurance venture. The group wants to list the company listed in the stock market. This is likely to make the market valuation of the company at Rs 6,000 crore.
Rakesh Jain, CEO of Reliance General Insurance, said that the company is also looking for a strategic partner. This is the time when the group’s other firm Reliance Nippon Life Asset Management Company announced plans to be listed a few days ago. Currently, ICICI Prudential Life Insurance is the only listed insurance company in the country. There is still a general insurance company to be listed. By the way, some ordinary insurance companies of ICICI Lombard and public sector are also planning a listing.
The Board of Directors of Reliance General Insurance has approved the proposal regarding the IPO. In this regard, permission from insurance regulator IRDA and market regulator SEBI is yet to be taken. According to the rules, in the first year, the company can sell 10 percent and 25 percent of the stake in three years.
CDSL’s IPO is open for
listing on Central Depository Services (CDSL) domestic stock exchange on June 19. He has fixed the scope of his IPO between 145-149. There is a plan to raise more than Rs 500 crores of the first depository going to be listed on the stock exchange. The promoter of CDSL is BSE. The company’s IPO will come into the capital market on June 19. Investors open a Demat account through CDSL. It has around 25 million Demat accounts.