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Hero FinCorp looks to acquire 100% stake in Reliance General Insurance

Hero FinCorp looks to acquire 100% stake in Reliance General Insurance

Hero FinCorp looks to acquire 100% stake in Reliance General Insurance
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By CNBC-TV18 Jul 9, 2019 11:55:31 AM IST (Updated)

Non-banking financial company Hero FinCorp is set to place an offer to acquire 100 percent stake in Reliance General Insurance this month, sources told CNBC-TV18 on Tuesday.

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Reliance Capital, the parent company of Reliance General Insurance, is likely to seek about Rs 6,000 crore for 100 percent stake in the latter, said the sources, who did not want to be named.
This is seen as a part of Reliance Capital’s continuous efforts to reduce its debt, which, as of May 2019, stood at Rs 18,000 crore.
Reliance General Insurance had earlier sought a valuation of Rs 7,500 crore to Rs 8,000 crore via IPO, said the sources, adding that the plan may have been shelved.
Reliance General’s book value at the end of the financial year 2019 stood at Rs 1,600 crore.
Both, Reliance General Insurance and Hero FinCorp are yet to respond to CNBC-TV18's query.
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