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reliance general insurance stake sale

The Tata group, after five months of negotiations, has agreed on the deal structure to buy about 80% stake in Bigbasket at a valuation of around $1.6 billion (Rs 11,748 crore), a Mint report said citing three people with direct knowledge of the development. 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. Mumbai: Shares of Reliance Capital on Tuesday surged more than three percent on the bourses after the company said it is in talks for stake sale in its general insurance arm. 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. 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. Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group, has already sold 26 percent stake in each of its mutual funds and life insurance units to … 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. Enjoy Reading! We, however, have a request. The company has also lined up a few more non-core assets to monetise. There are plans to sell 100 per cent stake in Reliance Securities and Reliance Financial Limited. WEB This is also General Atlantic's second investment in a RIL subsidiary. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed. PRINT How did you hear about us? 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. Reports indicate that Reliance Capital is also planning to sell a 26% stake in its general insurance business, Reliance General Insurance, at an appropriate time. 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. 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. Your support through more subscriptions can help us practise the journalism to which we are committed. Buy/Renew Car insurance, Two Wheeler/Scooter insurance, Health insurance, Travel insurance, home insurance & other Insurance products offered by taking a quote online now! 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 Captial | Reliance Group, Press Trust of India  |  Hero FinCorp, which has ChrysCapital as one of its financial backers, has parallelly initiated a fund-raising exercise by mandating Credit Suisse. Get ETBFSI's top stories every morning in your email inbox. We have updated our terms and conditions and privacy policy General Insurance: Reliance Capital in talks for stake sale in general insurance arm. Reliance Nippon Life Insurance Company, a joint venture with Japan's largest life insurer-Nippon Life which holds 49 per cent shareholding, has a paid-up capital of Rs 1,196 crore at the end of September 30, 2020. We believe in free, fair and credible journalism. Reliance Capital group has begun talks to sell 26 percent equity in its general insurance arm to a foreign partner, and has said it is open to selling further stake in life insurance and mutual fund units. It wants to exit from Reliance Health Insurance other PE investments like Naffa Innovations Private Limited, and Paytm E-Commerce Private Limited. Last Updated at November 2, 2020 18:11 IST. 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. Representative Image Image Credit: ANI. Digital Editor. Reliance General eyes 49% stake sale. Click "Continue" to accept and continue with ET BFSI. 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. Besides, it plans to sell 100 per cent stake in broking arm Reliance Securities and RBI-registered NBFC Reliance Financial Limited engaged in the business of financing, money lending, capital market linked financing activities. 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General Insurance: Reliance Capital in talks for stake sale in general insurance arm. The company has invited bids for 49 per cent stake in Reliance Asset Reconstruction Limited. 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. "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. M&A. All Rights Reserved. Topics India. 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. Reliance General Insurance crosses 10 million insured mark under RSBY in Kerala for FY14 City : Thiruvananthapuram, Kerala. Anil Ambani has for several times tried to find a partner for Reliance General Insurance, which includes Hero FinCorp, talks of which were later called off as the NBFC struggled to raise funds. Reliance General Insurance had filed for a share sale in February after the deadline for its previous IPO plan lapsed. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". 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May 16, 2020 Latest News: LIC postpones LIC AE AAO Prelims Exam 2020; LIC hopeful to sell 25 mn individual policies before March 31; We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. The company said it does not want to comment on market speculation. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. Monetization process is run under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India Ltd which represents 93 per cent of total outstanding debt of RCL, sources said. The principal amount due to HDFC is Rs 523.98 crore and to Axis Bank Rs 100.63 crore. Kindly visit the Manage my subscription page to discover the benefits of this programme. MUMBAI: Financial services major Reliance Capital group has begun talks to sell 26 per cent equity in its general insurance arm to a foreign partner, and is open to selling further stake in life insurance and mutual fund units. Support quality journalism and subscribe to Business Standard. Sustainability Post Pandemic: Encashing Digital. SBI Capital Markets Limited and JM Financial Services Limited will run an independent and transparent asset monetization process, sources said. Reliance Nippon Life Insurance Company, a joint venture with Japan’s largest life insurer-Nippon Life which … New Delhi  The total amount of outstanding borrowings from banks and financial institutions works out to Rs 679.23 crore, including accrued interest up to August. Reliance Capital, which will receive ₹ 6,000 crore through sale of its stake, will utilise the amount to pare its debt. Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. Reliance Nippon Life Insurance Company, a joint venture with Japan's largest life insurer-Nippon Life which … Follow @ETBFSI for the latest news, insider access to events and more. Mumbai: Reliance Capital on Thursday claimed that it is hopeful of pairing its debt by around Rs 12,000 crore over the next three to four months, by when it expects to complete the stake sale in Reliance Nippon Life Asset Management and Reliance General Insurance. Copyright © 2021 ETBFSI.com. 30 Sept. Reliance Capital gets RBI approval for life insurance stake sale City : Mumbai/Tokyo. 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. ), Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. April 18 2019 by InsuranceAsia News Staff. We use cookies to ensure the best experience for you on our website.If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. Reliance General Insurance is one of the leading insurance companies in India. Reliance Nippon is valued at over Rs 5,000 crore and the sale of controlling stake is expected to be at a significant premium to market, the statement claimed. It has 20 per cent stake in Indian Commodity Exchange, a SEBI-regulated commodity derivatives exchange, on sale. Please review and accept these changes below to continue using the website.You can see our privacy policy & our cookie policy. It has 20 per cent stake in Indian Commodity Exchange, a SEBI-regulated commodity derivatives exchange, on sale. Reliance Capital has decided to hold back for now its plans to offload a stake in its general insurance business, Sam Ghosh, Chief Executive Officer, said. FRIENDS. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. India’s Reliance Capital Eyes General Insurance Stake Sale w/in 6 Months. ... Reliance Capital completes 26 percent stake sale in Reliance Life Insurance To Nippon City : Mumbai/Tokyo. Reliance General Insurance also plans to rope in a strategic partner through the stake sale. Mumbai: Creditors to Reliance Capital (RCap) have received interest from at least six potential investors for a part or whole stakes in Anil Ambani-controlled company.On the block are majority stakes in insurance, asset reconstruction and securities brokerage firms and a part stake in a commodity exchange. Copyrights © 2020 Business Standard Private Ltd. All rights reserved. The diversified financial services major wil "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. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. , Advertorials, Banners, Mailers, Webinars etc this is also General Atlantic 's second investment in RIL. And constant feedback on how to improve our offering have only made our resolve and commitment these. 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Been updated to align with the New data regulations in European Union kindly visit the Manage my page... Who have subscribed to our online content can only help us practise the journalism to we... Relevant content will run an independent and transparent Asset monetization process, reliance general insurance stake sale said free...

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