Reliance General Insurance Company, a wholly-owned subsidiary of Reliance Capital, has initiated the process of filing fresh papers for an initial public offer (IPO). The company has already applied to the Insurance Regulatory and Development Authority of India (IRDAI) for ‘revalidation’.
The company had, in October 2017, filed for an IPO with markets regulator Securities and Exchange Board of India (SEBI) and had also received a nod for the same. However, the approval, which is valid for one year, expired on November 29, 2018, since it failed to tap the markets, primarily on account of lack of investor appetite and choppy market conditions, sources said.
