LReliance Life Insurance Limited (RLIL) is going to issue the Initial Public Offering IPO from 20 August 2020. The insurance company is issuing 6.3 million units Rupees 100 per share to the general public. The company has the paid-up capital of 2.10 billion and 30 percent of paid-up capital will be issued as the IPO for the general public. The issue manager of the IPO issuance of the Reliance life insurance limited is Sanima Capital limited.
Out of Sixty Three lakh units shares (6.3 million) units share three lakh fifteen thousand units are allocated to the employees of the insurance company likewise another three lakh fifteen thousand units are allocated to the group mutual funds and remaining fifty-six lakh seventy thousand will be issue to the general public. The applicant can apply with a minimum of ten (10) units to Sixty three thousand (63000) units through the ASBA member bank and Mero share application. The ICRA Nepal has given rating BB+ rating for the IPO of this insurance company which means the risk on the investing in this IPO is moderate.The date of the IPO open is 20 August 2020 likewise the early closing date is 24 August 2020 and the late closing date of the IPO is 7th September 2020.
Promoters of the Company
Reliance Life Insurance Company Limited has started its operation on 17th November 2017. This insurance company is promoted by Siddhartha Bank Limited. The Board of Directors of this insurance company are as follows.
- Tara Chand Kedia
- Binod Kumar Todi
- Jagdish Kumar Agrawal
- Amit Kumar Begani
- Sundar Prashad Kadel
The company has published the IPO announcement letter at Karobar Daily on dated August 12th 2020 however for the interested applicants moreover it is also available on the official website of the Reliance Life Insurance Company www.reliancelifeinsurance.com. Likewise, this company is the first to issue the IPO of the recent ten life insurance company which has taken approval from the Beema Samiti.
Financial Status of the Company
Reliance Life insurance company has the current capital is one billion and four hundred seventy million rupees (1.47 Arba) . The company has total reserve of Rs. 14 crores and the life assurance fund is one Billion and one hundred fifty millions (1.15 Arba)
Products of Reliance Life Insurance Company Limited
The insurance policy products of reliance life insurance limited are as follows
- Child Assurance Plan (Mero Mutu)
- Endowment Assurance Plan
- Money-Back Assurance Plan
- Endowment Assurance cum Whole life
- Fixed Deposit Protection Plan
- Term Plan (Jeevan Sathi)
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