GIC comes out with IPO on October 11

GIC comes out with IPO on October 11
The General Insurance Corporation of India will be launching its initial public offering which is scheduled to open on October 11, 017 and close on October 13, 2017, with a price band of Rs 855 to Rs 912 per Equity Share of face value of Rs 5 each of the company.

The IPO comprises a fresh issue of 1.72 crore equity shares by the corporation and an offer for sale of 107,500,000 equity shares by the company’s promoter. The offer would include a reservation aggregating up to ₹11,68,00,000 for subscription by eligible employees, the company said. The offer would constitute 14.22 % of post-offer paid-up capital. A discount Rs 45 on the Offer Price is being offered to Retail Individual Bidders and to Eligible Employees bidding in the Employee Reservation Portion, it added.

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