Reliance Capital Ltd. may sell a 20%-26% stake in its life insurance unit – Reliance Life Insurance Co. – in the fourth quarter of the current fiscal year, its chief executive said Wednesday.
“It (sale) could be to a strategic or financial partner … most likely it will be foreign company,” Sam Ghosh told Dow Jones Newswires over the phone.
Reliance Capital said last month it was looking to raise $750 million to $1 billion by selling a 20% stake in the life insurance venture – 10% via an institutional placement and the rest through an initial public offer.
The company also has the option of a strategic sale of up to a 20% stake, it then said.
Source: WSJ