RELIANCE

RELIANCE TO TEST INDIAN MARKET WITH IPO

Reliance Capital is planning to become one of the first Indian companies to test the waters of the country's bullish post-election stock market with an initial public offering of its life insurance unit.

The offering of Reliance Life Insurance, part of the group controlled by billionaire industrialist Anil Ambani, would be the first listing of a life insurance or general insurance company in India.

Sam Ghosh, chief executive officer of Reliance Capital, said: “We are thinking of selling 10 per cent or 26 per cent, either through an IPO only or through an IPO plus a stake sale to a strategic partner.”

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