{"id":7253,"date":"2017-10-05T07:21:47","date_gmt":"2017-10-05T07:21:47","guid":{"rendered":"http:\/\/faceinews.com\/?p=7253"},"modified":"2017-10-05T07:21:47","modified_gmt":"2017-10-05T07:21:47","slug":"general-insurance-corporation-of-indias-initial-public-offering-to-open-on-october-11-2017-with-a-price-band-of-%e2%82%b9-855-to-%e2%82%b9-912-per-equity-share-each-of-face-value-of","status":"publish","type":"post","link":"https:\/\/www.faceinews.com\/?p=7253","title":{"rendered":"General Insurance Corporation of India\u2019s initial public offering to open on October 11, 2017, with a Price Band of \u20b9 855 to \u20b9 912 per Equity Share, each of Face Value of  \u20b9 5 each"},"content":{"rendered":"<p><strong><em><a href=\"http:\/\/faceinews.com\/wp-content\/uploads\/2017\/10\/Photo-1-1.jpg\" rel=\"attachment wp-att-7255\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7255 size-full\" src=\"http:\/\/faceinews.com\/wp-content\/uploads\/2017\/10\/Photo-1-1.jpg\" alt=\"Photo 1\" width=\"240\" height=\"359\" srcset=\"https:\/\/www.faceinews.com\/wp-content\/uploads\/2017\/10\/Photo-1-1.jpg 240w, https:\/\/www.faceinews.com\/wp-content\/uploads\/2017\/10\/Photo-1-1-201x300.jpg 201w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/a><\/em><\/strong><\/p>\n<p><strong><em>Photo Caption: Photo 1:\u00a0\u00a0Mrs. Alice G Vaidyan, CMD, General Insurance Corporation of India.<\/em><\/strong><\/p>\n<p><a href=\"http:\/\/faceinews.com\/wp-content\/uploads\/2017\/10\/insu.png\" rel=\"attachment wp-att-7254\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7254 size-full\" src=\"http:\/\/faceinews.com\/wp-content\/uploads\/2017\/10\/insu.png\" alt=\"insu\" width=\"92\" height=\"104\" \/><\/a><\/p>\n<p><a href=\"http:\/\/faceinews.com\/wp-content\/uploads\/2017\/09\/Faceinews-Logo-Copy.png\" rel=\"attachment wp-att-7119\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7119\" src=\"http:\/\/faceinews.com\/wp-content\/uploads\/2017\/09\/Faceinews-Logo-Copy.png\" alt=\"Faceinews Logo - Copy\" width=\"173\" height=\"43\" \/><\/a><\/p>\n<p>The IPO consists of:<\/p>\n<ul>\n<li>A fresh issue of 17,200,000 equity shares;<\/li>\n<li>Offer for sale of up to 107,500,000 equity shares by the Selling Shareholder, the President of India acting through\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0the Ministry of Finance, Government of India;<\/li>\n<li>A retail discount and an employee discount of\u20b9\u00a045 per Equity Share on the Offer Price, is being offered to Retail Individual Bidders and to Eligible Employees<\/li>\n<li>The minimum Bid lot is 16 equity shares and in multiples of 16 equity shares thereafter<\/li>\n<li>Issue opening date \u2013<span data-term=\"goog_981194623\">October 11, 2017<\/span>, and Issue closing date \u2013\u00a0<span data-term=\"goog_981194625\">October 13, 2017<\/span><\/li>\n<li>The Floor Price is 171 times of the face value and the Cap Price is 182.40 times of the Face Value<\/li>\n<li>The offer would constitute 14.22% of the post-offer paid-up equity share capital<\/li>\n<\/ul>\n<p><strong><em><sup>\u00a0*APPLICATIONS SUPPORTED BY BLOCKED AMOUNT (ASBA):\u00a0<\/sup><\/em><\/strong><em><sup>Investors have to apply through the ASBA process. ASBA has to be availed by all the investors except anchor investors. For details on the ASBA process, please refer to the details given in the ASBA Form and Abridged Prospectus and also please refer to \u201cOfferProcedure\u201d on page 431of the RHP. ASBA Forms can also be downloaded from the websites of BSE and NSE. ASBA Forms can be obtained from the list of banks that is available on the website of SEBI at\u00a0<a href=\"http:\/\/www.sebi.gov.in\/\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=http:\/\/www.sebi.gov.in&amp;source=gmail&amp;ust=1507270964883000&amp;usg=AFQjCNGcgBIRVnSecIrIBaIHkFa-kXpvLQ\">www.sebi.gov.in<\/a>. ASBA Form can be obtained from Syndicate, SCSBs, Registered Brokers, RTAs and CDPs, the list of which is available on the website of SEBI at\u00a0<a href=\"http:\/\/www.sebi.gov.in\/sebiweb\/home\/5\/33\/0\/0\/Recognised-Intermediaries\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=http:\/\/www.sebi.gov.in\/sebiweb\/home\/5\/33\/0\/0\/Recognised-Intermediaries&amp;source=gmail&amp;ust=1507270964883000&amp;usg=AFQjCNGDU3JPt4G4vwkPUMwRTS-VbBmSbQ\">http:\/\/www.sebi.gov.in\/sebiweb\/home\/5\/33\/0\/0\/Recognised-Intermediaries<\/a>.<\/sup><\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Chennai, October 04, 2017:<\/strong>\u00a0General Insurance Corporation of India (<strong>\u201cCompany\u201d<\/strong>\/\u00a0<strong>the \u201cCorporation\u201d<\/strong>), will be launching its initial public offering (\u201c<strong>IPO<\/strong>\u201d or the \u201c<strong>Offer<\/strong>\u201d) which is scheduled to open on October 11, 017 and close on\u00a0<span data-term=\"goog_981194627\">October 13, 2017<\/span>, with a price band of ` 855 to ` 912<strong>\u00a0<\/strong>per Equity Share of face value of ` 5 each of the Company (the \u201cEquity Shares\u201d).<\/p>\n<p>The IPO comprises a fresh issue of 17,200,000 equity shares by the Corporation (<strong>\u201cFresh Issue\u201d<\/strong>) and an offer for sale of 107,500,000 equity shares by our promoter (<strong>the \u201cSelling Shareholder\u201d<\/strong>) (<strong>\u201cOffer for sale\u201d<\/strong>). The offer would include a reservation aggregating up to\u00a0\u20b9\u00a0116,800,000 for subscription by eligible employees (as defined in\u00a0<strong>\u201cDefinitions and Abbreviations\u201d<\/strong>) (the<strong>\u201cEmployee Reservation Portion\u201d<\/strong>). The offer would constitute 14.22 % of post-offer paid-up equity share capital.<\/p>\n<p>A discount of\u00a0\u20b9\u00a045 on the Offer Price is being offered to Retail Individual Bidders (<strong>\u201cRetail Discount\u201d<\/strong>) and to Eligible Employees (Defined Below) Bidding in the Employee Reservation Portion (if any) (<strong>\u201cEmployee Discount\u201d<\/strong>).<\/p>\n<p>The Company proposes to utilize the net proceeds of the Fresh Issue\u00a0towards (i) augmenting the capital base of the Corporation to support the growth of the business and to maintain current solvency levels; and (ii) General corporate purposes, subject to applicable law.<\/p>\n<p>This Offer is being made through the Book Building Process, in terms of Rule 19(2)(b)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended (\u201cSCRR\u201d) wherein at least 10% of the post Offer paid up equity share capital of the Corporation shall be offered to the public. The Offer is being made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (\u201cSEBI ICDR Regulations\u201d). The Offer is being made through the Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (\u201cQIBs\u201d) (\u201cQIB Portion\u201d). 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price.<\/p>\n<p>Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. The Offer includes an Employee Reservation Portion for Eligible Employees aggregating up to ` 116,800,000<em>.\u00a0<\/em>All potential investors are required to mandatorily utilise the Application Supported by Blocked Amount (\u201cASBA\u201d) process providing details of their respective bank account which will be blocked by the SCSBs, to participate in this Offer.<\/p>\n<p>Citigroup Global Markets India Private Limited, Axis Capital Limited, Deutsche Equities India Private Limited, HSBC Securities and Capital Markets (India) Private Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Manager (\u201c<strong>BRLM<\/strong>\u201d) to the Offer. The Registrar to the Offer is Karvy Computershare Private Limited.<\/p>\n<p>The Equity Shares of\u00a0General Insurance Corporation of India is proposed to be listed on the National Stock Exchange of India and BSE Limited.<\/p>\n<p><strong><u>About General Insurance Corporation of India<\/u><\/strong><\/p>\n<p>General Insurance Corporation of India is the largest reinsurance company in India in terms of gross premiums accepted in Fiscal 2017, and accounted for approximately 60% of the premiums ceded by Indian insurers to reinsurers during Fiscal 2017, according to CRISIL Research. The Corporation is also an international reinsurer that underwrote business from 161 countries as at June 30, 2017. According to CRISIL Research, the Corporation is ranked as the 12th largest global reinsurer in 2016 and the 3rd largest Asian reinsurer in 2015, in terms of gross premiums accepted. The Corporation provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, aviation\/space, health, liability, credit and financial and life insurance. With more than 44 years of experience in, and commitment to, providing reinsurance products and services, The Corporation believes that they have become a trusted brand to its insurance and reinsurance customers in India and overseas.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Photo Caption: Photo 1:\u00a0\u00a0Mrs. Alice G Vaidyan, CMD, General Insurance Corporation of India. The IPO consists of: A fresh issue of 17,200,000 equity shares; Offer for sale of up to 107,500,000 equity shares by the Selling Shareholder, the President of India acting through\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0the Ministry of Finance, Government of India; A retail discount and an employee [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7255,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-7253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/7253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7253"}],"version-history":[{"count":1,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/7253\/revisions"}],"predecessor-version":[{"id":7256,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/7253\/revisions\/7256"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/media\/7255"}],"wp:attachment":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}