In a market with heavy negative investor sentiment, the Anil Ambani-led Reliance group is planning an initial public offering (IPO) of a group company as early as this financial year. Reliance General Insurance Company will re-file its IPO document with market regulator Securities and Exchange Board of India (Sebi) this week, according to investment banking sources.
The company is hoping to obtain pending regulatory approvals soon, and targeting to list before March-end
Reliance General had all the approvals in place last year, but couldn't launch its IPO because of challenging market conditions and negative sentiments towards the group companies. While not much has changed on that front, the company and bankers are hopeful that the issue would sail through as the general insurer has shown an improvement in performance.
It will be intriguing to note how market will react to this given the heavy negative publicity towards ADAG
Source: BusinessStandard
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