According to reports, Reliance General Insurance (IPO) may soon apply to market regulator SEBI to bring the issue.
Significantly, due to the volatile market situation, Reliance General Insurance had to postpone its IPO scheme. Approval for Sebi’s IPO is valid for one year. But Reliance General Insurance has cleared the deadline for approvals before SEBI ended on November 29, 2018.
On October 09, 2017, Reliance General Insurance had applied for an IPO near SEBI. In India, one of the largest private sector insurance companies, Reliance General Insurance, had planned to sell 6.7 million equity shares in the IPO. In addition to the 1.67 crore new shares of 10 rupees original price, 5.03 crore shares were to be sold for the Offer Four Sale by its parent company Reliance Capital.
Reliance Capital’s wholly-owned subsidiary has sought approval from the Indian Insurance Regulatory and Development Authority (IRDA) for revalidation. With approval from the IRDA, the company will again apply to SEBI for the IPO of its 1,500-2,000 crore rupees.
There are currently only two general insurance companies listed in India, which include ICICI Lombard General Insurance and New India Assurance.
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