The government has plans to sell about 107.5 million shares in GIC Re IPO, while the insurer will sell 17.2 million new shares, comprising a total 124.7 million, or 14.22% of the company’s post-issue share capital.
The net proceeds will help the government meet its fiscal deficit target of 3.2% of the gross domestic product for the year ending in March, which includes selling of stakes in public companies.
GIC Re has appointed investment banks Citigroup, Axis Capital, Deutsche Bank, HSBC and Kotak Mahindra Capital Co. Ltd to manage the public offering.
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