GIC Re IPO gets good response

Chennai Oct 11 (IANS) The initial public offering (IPO) by government owned reinsurer General Insurance Corporation (GIC) has received good response from the investors on Wednesday the first day of the issue.

According to the data available on the BSE website the portion reserved for qualified institutional buyers (QIB) was oversubscribed by 1.55 per cent.

The reinsurance major has fixed the issue price in the band Rs 855 to Rs 912 per equity share. The face value of the share is Rs 5.

The number of shares on the offer was 12 47 00 000 shares and as per BSE data at 6 p.m. total number of bids were 9 40 62 368.

The issue will close on October 13 2017.

Post issue the promoters stake would come down to 85.78 per cent and the total equity capital will be up to Rs 438.6 crore from Rs.430 crore.

The IPO is a mix of offer of sale and fresh issue.

--IANS
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