General Insurance IPO oversubscribed

New Delhi: The initial public offer (IPO) of state-owned General Insurance Corporation of India was oversubscribed 1.06 times so far on the last day of bidding today.

GIC Re's Rs 11,370-crore IPO received bids for 13,21,40,816 shares against the total issue size of 12,47,00,000 shares, as per NSE data till 1330 hrs.

Till Thursday the IPO was subscribed 90 per cent.

The reinsurance company has fixed the price band at Rs 855-912 for its IPO.

The issue comprises fresh issue of 1,72,00,000 shares by the Corporation and an offer for sale of 10,75,00,000 shares by the promoter.

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

Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Capital are 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.