New Delhi, Oct. 1 -- Alliance Insurance Brokers has initiated a process to sell a minority stake to raise about Rs.800-900 crore through a mix of primary and secondary share sale, two people familiar with the matter said.

"The company will sell about a 30% stake to raise capital from institutional investors. It has roped in O3 Capital as an advisor to help with the process," one of the people cited above said. The person added that the round will see existing investor Access Asset Managers exit its 10-year-old stake in the company.

The company will likely use the fresh proceeds to deepen its presence across tier 2 and 3 areas in India, while expanding its footprint in reinsurance in global markets, including West Asia and Africa, throug...