Reliance General Insurance files for IPO

Reliance General Insurance on Monday filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for making an initial public offering. Of the over 6.7 crore equity shares on offer, the Anil Ambani Group company is issuing about 1.67 crore fresh equity shares with a face value of ?10 each and 5.03 crore equity shares are an offer-for-sale by Reliance Capital. The objects of the fresh issue are to augment the solvency margin and consequently increase the solvency ratio of the private sector general insurer to meet future capital requirements.