State-owned reinsurance company General Insurance Corporation of India (GIC) on 7th August 2017,had filed DRHP for its initial public offering (IPO) .The IPO will see a total stake dilution of 14.22%. The IPO is likely to raise over Rs10,000 crores
General Insurance Corporation of India(Leading Government PSU)(incorporated in 1972) is the largest Re-insurance company in India . It provides various general insurance products like property, energy, marine, engineering, miscellaneous, aviation-hull/spares-rotor wing, aviation-hull/spares-fixed wing, liability, aviation treaty–hull, spares and liability insurance products.
The company takes up reinsurance business for its counter-parts in the Afro-Asian region ,in South East Asia, the Middle East and Africa. GIC has developed its overseas business through its office in Mumbai & branch offices in London, Dubai and Kuala Lumpur, a representative office in Moscow, a subsidiary in the United Kingdom which is a member of Lloyd’s of London and a subsidiary in South Africa.
Rs10,000-crore GIC IPO will be the second largest public offering in India. In 2010, state-owned company Coal India Ltd had set the record for India’s largest IPO, raising Rs15,200 crores.
General Insurance Corporation of India IPO Stock Quote & Charts
- Open: 230.90
- High - Low: 231.00 - 220.00
- Previous Close: 226.65
- Total Traded Volume: 133403
- Updated On: 23-May-2019
Objects of the General Insurance Corporation of India IPO:
Corporation proposes to utilize the Net Proceeds from the Fresh Issue towards:
(i) Augmenting the capital base of the Corporation to support the growth of their business and to maintain current solvency levels
(ii) General corporate purposes.
General Insurance Corporation of India IPO Details:
||Oct 11 2017
||Oct 13 2017
|| ₹ 5 Per Equity Share
||Book Built Issue IPO
|| ₹ 855-912 Per Equity Share
||Oct 25 2017
Discussion on General Insurance Corporation of India IPO: