NEW DELHI: Reliance General Insurance Company on Monday said it has filed draft papers with the market regulator Sebi, seeking permission for its initial public offering (IPO).

The offer would comprise of a fresh issue of up to 1,67,69,995 equity shares by Reliance General Insurance Company Limited and an offer for sale (OFS) by Reliance Capital of up to 5,03,09,984 equity shares.

Overall, the issue comprises of up to 6,70,79,979 equity shares of face value of Rs 10 each, the company said in its Draft Red Herring Prospectus (DRHP).

Reliance General Insurance Company, a leading private-sector general insurance company, intends to use net proceeds from the fresh issue will be utilized for augmenting the solvency margin and consequently increase the solvency ratio and to meet future capital requirements which are expected to arise out of growth.

Credit Suisse Securities (India) Private Limited, Edelweiss Financial Services, UBS Securities India Private Limited and Motilal Oswal Investment Advisors, are the Global Co-ordinators and book running lead managers to the issue.

IDBI Capital Markets & Securities and Haitong Securities India Private are the book running lead managers and Karvy Computershare Private Limited is the Registrar for the issue.