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  Business   Market  24 Oct 2017  General Insurance to make stock market debut tomorrow

General Insurance to make stock market debut tomorrow

PTI
Published : Oct 24, 2017, 1:45 pm IST
Updated : Oct 24, 2017, 1:45 pm IST

GIC Re's IPO was oversubscribed 1.38 times during October 11-13 with a price band of Rs 855-912.

General Insurance Corporation of India will make stock market debut on Wednesday after having concluded the Rs 11,370-crore initial public offer (IPO).
 General Insurance Corporation of India will make stock market debut on Wednesday after having concluded the Rs 11,370-crore initial public offer (IPO).

New Delhi: State-owned General Insurance Corporation of India will make stock market debut on Wednesday after having concluded the Rs 11,370-crore initial public offer (IPO).

GIC Re's IPO was oversubscribed 1.38 times during October 11-13. The reinsurance company had fixed the price band at Rs 855-912 for its IPO.

 

The company proposes to utilise the proceeds towards augmenting the capital base to support business growth and maintain current solvency levels as also for general corporate purposes.

Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Mahindra Capital were the book running lead managers to the offer.

The shares of General Insurance Corporation of India are proposed to be listed on NSE and BSE.

Tags: general insurance corp of india (gic)., initial public offer
Location: India, Maharashtra, Mumbai (Bombay)