Cholamandalam Insurance raises Rs 75 cr to support growth

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 per cent last year. This additional capital infused in our business will be utilised for our business growth and expansion," its Managing Director SS 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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