Anil Ambani's Reliance General Insurance Scraps IPO Plan

Reliance General Insurance, part of Anil Ambani-led Reliance Group, has decided to withdraw its proposed initial share sale offer.

The initial public offering (IPO) was slated for fresh issue of shares worth Rs 200 crore, besides an offer of sale of 79,489,821 shares by Reliance Capital.

Markets regulator Sebi had received draft red herring prospectus for the proposed IPO on February 8 through lead manager (LM) of the issue Motilal Oswal Investment Advisors.

However, the draft offer documents for the IPO have been "withdrawn by LM (Motilal Oswal Investment Advisors) vide email dated October 24, 2019," according to Securities and Exchange Board of India (Sebi).