RELIANCE GENERAL FILES DRAFT IPO PROSPECTUS

MUMBAI: Reliance General Insurance Co. Ltd, the non-life insurance arm of Reliance Capital Ltd, on Monday filed its so-called draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering. According to the DRHP, the company plans to sell 16.77 million shares to raise primary capital. The proceeds from the fresh issue will be used by the company for augmenting its solvency margin and to meet future capital requirements. Promoter Reliance Capital Ltd plans to sell 50.3 million shares through a secondary share sale, as part of the proposed IPO.