General insurance player Reliance General Insurance Company (RGICL) has raised the capital of Rs 200 crore by issuing equity shares to Reliance Capital.
“With this capital raise, RGICL is reinforcing its commitment to financial strength and readiness to capitalize on emerging opportunities in the insurance sector,” the company said.
Rakesh Jain, CEO of Reliance General Insurance expressed his optimism about the capital raise, stating, “This strategic decision is a testament to our commitment to staying at the forefront of the industry and delivering superior value to our customers. With this capital infusion, we are well-equipped to seize opportunities, innovate, and continue providing best-in-class insurance solutions.”
The Shareholders of the company at its Extraordinary General Meeting (EGM) held on July 29, 2023, have approved infusion of capital of about Rs. 200 crores in the company, by way of the issue of equity shares on a private placement basis.
With the freshly infused capital, there will be significant impetus on achieving strategic objectives, enabling the company to capitalize on emerging opportunities in the insurance sector, expanding product offerings and reaching new customers through innovative initiatives. The infusion will also enhance the company’s solvency margin, reflecting its resilience in managing risks and instilling confidence among customers and stakeholders.
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