Reliance Life IPO soon

by khalid on 09/09/2009 · 0 comments

reliance life insurance

Reliance Life Insurance, an Anil Dhirubhai Ambani Group (ADAG) company, has decided to enter the capital market to mop up Rs 1,500-2,000 crore through an initial public offer (IPO). This will be the first instance of listing by a life insurance company on any Indian bourse. Reliance Life Insurance plans to launch an initial public offering (IPO), if it gets government approval.

Indian insurance firms have to be in business for at least a decade before they are allowed to list. Reliance Life Insurance has asked for a waiver from the finance ministry so it can go public.

Reliance Life hopes to break even by the next financial year. Total premium is expected to quadruple to Rs 20000 crore ($4 billion) by the year to March 2012, from Rs 4930 crore at the year ended March 2009.

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