The state-run reinsurer said it will sell 12,47,00,000 shares at a price band of Rs 855-912 a piece in an IPO that will conclude on October 13. The company said it will offer a discount of Rs 45 per shares to retail investors and eligible employees. Investors can bid for a minimum of 16 shares and in multiples of 16 thereafter.
Citigroup Global Markets India, Axis Capital, Deutsche Equities India, HSBC Securities and Capital Markets (India) and Kotak Mahindra Capital Company are the book running lead managers for the proposed issue.
The company proposes to utilise the net proceeds from the fresh issue towards augmenting its capital base to support the growth of business and to maintain current solvency levels and other general corporate purposes.
General Insurance Corporation of India is the largest reinsurance company in India in terms of gross premiums. The company provides various general insurance products like property, energy, marine, engineering, miscellaneous, aviation-hull/spares-rotor wing, aviation-hull/spares-fixed wing, liability, aviation treaty–hull, spares and liability insurance products.
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