New Delhi, Oct 13 (PTI) The Rs 11,370-crore initialpublic offer (IPO) of state-owned General InsuranceCorporation of India was oversubscribed 1.37 times on the lastday of bidding today.
GIC Re's IPO received bids for 17,06,99,808 sharesagainst the total issue size of 12,47,00,000 shares, dataavailable with the NSE till 1915 hrs showed.
The category reserved for qualified institutional buyers(QIBs) was oversubscribed 2.25 times, non institutionalinvestors 22 per cent and retail investors 60 per cent,merchant banking sources said.
Till yesterday the IPO was subscribed 90 per cent.
As the issue was fully subscribed, this became thelargest public offer floated by a domestic company after theOctober 2010 offer by Coal India which had raised Rs 15,000crore.
The reinsurance company has fixed the price band at Rs855-912 for its IPO.
The issue comprises fresh issue of 1,72,00,000 shares bythe corporation and an offer for sale of 10,75,00,000 sharesby the promoter.
The company proposes to utilise the proceeds towardsaugmenting the capital base to support growth of the businessand to maintain current solvency levels as also generalcorporate purposes.
Axis Capital, Citigroup, Deutsche India, HSBC Securitiesand Kotak Mahindra Capital are the book running lead managersto the offer.
The shares of General Insurance Corporation of India areproposed to be listed on NSE and BSE. PTI SUMBAL.
This is unedited, unformatted feed from the Press Trust of India wire.