Cholamandalam Insurance raises Rs 75 cr to support growth
General insurance firm also said it aims to achieve around Rs 2,000 crore gross written premium in the current year
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Cholamandalam MS General Insurance has raised additional capital of Rs 75 crore through rights issue to support its future business growth.
Post-infusion from promoters, the capital base has increased to Rs 510.9 crore now, the company said in a statement.
The general insurance firm also said it aims to achieve around Rs 2,000 crore gross written premium in the current year.
"We have grown our business by 20% last year. This additional capital infused in our business will be utilised for our business growth and expansion," its Managing Director S S Gopalarathnam said.
The company had reported a gross written premium of Rs 906 crore during the April-September period of this fiscal.
Chola MS General Insurance is a joint venture between Murugappa Group and Japan-based Mitsui Sumitomo Insurance Company.
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First Published: Oct 03 2013 | 5:00 PM IST