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Cholamandalam MS General Insurance Co Ltd has enhanced its capital base by Rs 50 crore through a rights issue to fund its growth plans for 2012-13. As a result, the net worth of the company has gone up to Rs 375.7 crore from Rs 325.7 crore in March 2012.
The company has grown its business by nearly 40 per cent last year. According to Mr S. S. Gopalarathnam, Managing Director, Chola MS, the additional capital infused will be utilised for its business growth and expansion. “We plan to get close to a gross written premium of Rs 2,000 crore for the current year.” In 2011-12, the company posted a gross written premium of Rs 1,347 crore.
Cholamandalam MS is a joint venture between the Rs 22,000-crore Murugappa Group and Mitsui Sumitomo Insurance Group of Japan.
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