(PTI)
Reliance General Insurance, part of Anil Ambani-led Reliance, plans to file fresh papers with the Sebi to float an initial share-sale as the regulatory approval for the insurer’s IPO is set to lapse this month, merchant banking sources said. The company failed to tap primary markets as lack of investors’ appetite for the IPO, and volatile equity market conditions forced the insurer to postpone its plans.
Sebi’s approval for IPOs is valid for one year, and it will expire on November 29 in the case of Reliance General Insurance Company, according to data available with markets watchdog. According to the merchant banking sources, the company is very keen on coming out with its IPO and will refile the draft red herring prospectus (DRHP) with the Sebi very soon. “The timing of the company’s IPO will depend on market conditions,” they added.
