Insurance arm files fresh IPO papers

NEW DELHI: Reliance General Insurance, part of Anil Ambani-led Reliance Group, has filed fresh papers with the Sebi to float an initial share-sale after the regulatory approval for its IPO lapsed in November, market sources said on Monday. According to the sources, the company's IPO comprises fresh issue of shares worth Rs 200 crore, besides, an offer of sale of 79,489,821 shares by Reliance Capital. Besides, the company has removed Edelweiss as one of the lead merchant bankers to manage its initial public offer (IPO), they added. The removal comes following the the Reliance Group accusing Edelweiss Group entities of "illegal" and "motivated" actions in invoking the pledged shares of the group's three listed firms and selling them in open market causing a steep fall in share values.