One of India’s leading general insurance players, Reliance General Insurance Company Ltd (RGICL), on Sunday said it has raised the capital of Rs. 200 crores by issuing equity shares to Reliance Capital Limited. Reliance Capital is a promoter of RGICL.

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With this capital raise, RGICL claims to reinforce its commitment to financial strength and readiness to capitalise on emerging opportunities in the insurance sector.

“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. This capital infusion is aimed at pursuing new business opportunities for growth and securing the company's position amongst the market leaders,” RGICL said in a press release.

RGICL said that the fresh capital will also help in expanding its product offerings and customer base. The infusion will also enhance the company's solvency margin, reflecting its resilience in managing risks, it added.

"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," Rakesh Jain, CEO of Reliance General Insurance said.

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First Published:Jul 30, 2023 3:26 PM IST