Reliance Gen Insurance seeks Rs 600 cr capital
MUMBAI: Reliance General Insurance Company Ltd. (RGICL) has sought Rs 600 crore capital infusion from Reliance Capital on an urgent basis.
In a letter to the Reliance Capital Administrator, RGIC has sought capital support from the RCAP by December 31, 2022.
The Committee of Creditors is expected to consider and discuss RGIC’s request for capital infusion in December 9 meeting.
The company has said that the fund infusion is essential to preserve the business, enhance the value and take the company’s solvency from 155 per cent to about 175 per cent.
The company believes that fresh fund infusion will not only increase regulatory comfort at IRDAI but will also reflect continued support by the promoter company.