New Delhi, Oct 13 (PTI) The initial public offer (IPO) ofstate-owned General Insurance Corporation of India wasoversubscribed 1.06 times so far on the last day of biddingtoday.
GIC Re's Rs 11,370-crore IPO receivedbids for13,21,40,816 shares against the total issue size of12,47,00,000 shares, as per NSE data till 1330 hrs.
Till yesterday the IPO was subscribed 90 per cent.
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 Capital are the book running lead managers to theoffer.
The shares of General Insurance Corporation of India areproposed to be listed on NSE and BSE. PTI SUMSBT.
This is unedited, unformatted feed from the Press Trust of India wire.