Mumbai - Non-life insurer Reliance General Insurance Company Ltd said it has got the insurance regulator's in-principle nod for its initial public offer (IPO).
In a statement here, Reliance General Insurance, 100% subsidiary of Reliance Capital, said it has received in-principle approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the process of its proposed IPO.
According to the statement, Reliance General Insurance outperformed the industry growth rate of 30%, and reported 41% growth in FY17.
The company's gross direct premium stood at Rs 3,935 crore in the year ended March 31, 2017.
Profit Before Tax stood at Rs 130 crore, up 32%, while the investment book stood at Rs 6,724 crore, up 25%, for the year ending March 31, 2017, the company said.
According to sources, Reliance Capital, the parent company may divest up to 25% in the general insurance subsidiary. The expected enterprise valuation for Reliance General Insurance will be around Rs 6,000 crore to Rs 7,000 crore.