India’s Reliance Capital Eyes General Insurance Stake Sale w/in 6 Months. Click "Continue" to accept and continue with ET BFSI. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. "We are in talks for sale of 26 per cent stake in general insurance business to a foreign strategic partner," Reliance Capital CEO Sam Ghosh told in an interview here. Reliance Capital Ltd (RCL), part of debt-ridden Anil Ambani-promoted Reliance Group, has invited bids for sale of its subsidiaries, including Reliance General Insurance and Reliance Nippon Life Insurance, to repay loans of about Rs 20,000 crore. There are plans to sell 100 per cent stake in Reliance Securities and Reliance Financial Limited. Hero FinCorp, which has ChrysCapital as one of its financial backers, has parallelly initiated a fund-raising exercise by mandating Credit Suisse. In July, the company had said it has defaulted in repayments to lenders and debenture holders and incurred losses during the June quarter, which indicate that material uncertainty exists that may cast a significant doubt on the company's ability to continue as a going concern. In addition, RCL has put on sale 49 per cent stake in Reliance Asset Reconstruction Limited which manages portfolio of Rs 1,996 crore as of September 30, 2020. Reliance General Insurance is one of the leading insurance companies in India. 30 Sept. Reliance Capital gets RBI approval for life insurance stake sale City : Mumbai/Tokyo. RCap owns 100 per cent stake in Reliance General which has also filed for IPO last month. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. We have updated our terms and conditions and privacy policy Last Updated at November 2, 2020 18:11 IST. The diversified financial services major wil Reliance General Insurance had filed for a share sale in February after the deadline for its previous IPO plan lapsed. The company proposes to exit from its wholly-owned subsidiary Reliance General Insurance Company Limited (RGI) with paid up capital of Rs 252 crore as of September 30, 2020, sources said, adding that 51 per cent stake in Reliance Nippon Life Insurance Company is also for sale. Reliance Captial | Reliance Group, Press Trust of India |
New Delhi
"The total financial indebtedness of the listed entity including short-term and long-term debt totals Rs 19,805.7 crore, including interest accrued up to August 31, 2020," RCL had said in regulatory filings recently. April 18 2019 by InsuranceAsia News Staff. The life insurer with asset under management of Rs 21,912 crore at the end of September had posted a profit of Rs 35 crore during 2019-20. Follow @ETBFSI for the latest news, insider access to events and more. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. In addition, RCL has put on sale 49 per cent stake in Reliance Asset Reconstruction Limited which manages portfolio of Rs 1,996 crore as of September 30, 2020. WEB Reliance Capital, which will receive ₹ 6,000 crore through sale of its stake, will utilise the amount to pare its debt. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. The company proposes to exit from its wholly-owned subsidiary Reliance General Insurance Company Limited (RGI) with paid up capital of Rs 252 crore as of September 30, 2020, sources said, adding that 51 per cent stake in Reliance Nippon Life Insurance Company is also for sale. Reliance Capital Ltd (RCL), part of debt-ridden Anil Ambani-promoted Reliance Group, has invited bids for sale of its subsidiaries, including Reliance General Insurance and Reliance Nippon Life Insurance, to repay loans of about Rs 20,000 crore. Sustainability Post Pandemic: Encashing Digital. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. Investment Bank JM Financial has reportedly been roped in to look for buyers for the insurer which is valued at around Rs 4000 crore, according to sources in the report. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. Reliance Nippon Life Insurance Company, a joint venture with Japan’s largest life insurer-Nippon Life which … India. Reliance Retail stake sale: General Atlantic invests Rs 3,675 crore for 0.84% stake in RIL’s retail arm Reliance Retail stake sale: This is the third stake deal done by the RIL's retail arm this month after Silver Lake and KKR. Up to August comment on market speculation get ETBFSI 's top stories every morning in your email inbox have. And to Axis Bank Rs 100.63 crore 18:11 IST continue '' to and. Partner through the stake sale City: Mumbai/Tokyo General Insurance arm a strategic partner through stake... 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