The IPO comprises a fresh issue of 17,200,000 equity shares by the Corporation (Fresh Issue) and an offer for sale of 107,500,000 equity shares by our promoter (the “Selling Shareholder”) (“Offer for sale”). The offer would include a reservation aggregating up to Rs 116,800,000 for subscription by eligible employees (as defined in “Definitions and Abbreviations”) (the “Employee Reservation Portion”). The offer would constitute 14.22% of post-offer paid-up equity share capital.
A discount of Rs 45 on the Offer Price is being offered to Retail Individual Bidders (Retail Discount) and to Eligible Employees (Defined Below) Bidding in the Employee Reservation Portion (if any) (Employee Discount).
Citigroup Global Markets India Private Limited, Axis Capital Limited, Deutsche Equities India Private Limited, HSBC Securities and Capital Markets (India) Private Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Manager (“BRLM”) to the Offer. The Registrar to the Offer is Karvy Computershare Private Limited.
The equity shares of General Insurance Corporation of India is proposed to be listed on the NSE and BSE.
The Company proposes to utilize the net proceeds of the Fresh Issue towards (i) augmenting the capital base of the Corporation to support the growth of the business and to maintain current solvency levels; and (ii) General corporate purposes, subject to applicable law.
This Offer is being made through the Book Building Process, in terms of Rule 19(2)(b)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) wherein at least 10% of the post Offer paid up equity share capital of the Corporation shall be offered to the public. The Offer is being made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“SEBI ICDR Regulations”). The Offer is being made through the Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Portion”). 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price.
Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. The Offer includes an Employee Reservation Portion for Eligible Employees aggregating up to Rs 116,800,000. All potential investors are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective bank account which will be blocked by the SCSBs, to participate in this Offer.
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