Wednesday, Sep 29, 2021 | Last Update : 08:12 AM IST

  Business   Companies  24 Oct 2017  New India Assurance sets price range for up to $1.5 billion IPO

New India Assurance sets price range for up to $1.5 billion IPO

REUTERS
Published : Oct 24, 2017, 3:00 pm IST
Updated : Oct 24, 2017, 3:00 pm IST

At upper end of price range, IPO would raise Rs 9,600 crore or $1.48 billion.

Initial Public Offer, or IPO, is an instrument to raise funds from capital market.
 Initial Public Offer, or IPO, is an instrument to raise funds from capital market.

Mumbai: India’s state-run New India Assurance Co Ltd has set a price band of Rs 770 to Rs 800 a share for its initial public offering (IPO) opening on Nov 1, sources with direct knowledge of the deal told Reuters on Tuesday.

At the upper end of the price range, the IPO would raise Rs 9,600 crore or $1.48 billion. The sale will close on November 3, said the sources, declining to be identified as the details are not public.

 

Tags: new india assurance, new india assurance ipo, initial public offer
Location: India, Maharashtra, Mumbai (Bombay)