Mumbai:Reliance Life Insurance Co. Ltd, a unit of Anil Ambani’s Reliance Capital Ltd, plans to sell as much as 20% of its equity if it gets approval from the Union government for an initial public offering (IPO).
The company has applied to the finance ministry for a waiver on existing rules tied to listings, it said in an emailed statement on Wednesday. The Mumbai-based firm has been in operation for seven years. Indian rules mandate life insurers be in business for 10 years before they are allowed to sell shares to the public.
Reliance Life, whose assets under management exceeded Rs10,000 crore last month, said it aims to increase the amount fourfold by March 2013. The initial share sale would be the first by a life insurer in the nation.