Anil Ambani-promoted Reliance Life Insurance is understood to be in talks with global Insurance players, as well as Swiss Re, to raise an expected Rs 1,500 crore by selling 10-15(%) per cent venture.
“Reliance Life Insurance is looking to pass on 10-15(%) per cent stake to raise an estimated Rs 1,500 crore and is talking to various players, including Swiss Re,” investment banking sources in know of the development said.
As per the current rules, a foreign thing can hold up to 26(%) per cent stake in an Indian insurance firm. Reliance Capital totally owns Reliance Life, a business it acquired from AMP Sanmar in 2005.
A Reliance Life representative could not be contacted, while KwokChoi Wong Director Communications Swiss Re (Asia Division) said “Swiss Re does not comment on market rumours”.
For nearly a year, Reliance Capital has been planning either an intial public offering or strategic sale of its Life Insurance business to unlock value for shareholders.
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