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New India Assurance Company has fixed the price range of Rs 770-800 for its upcoming Initial Public Offering (IPO), a move that would enable it to raise Rs 9,700 crore at the upper band of the offer, said sources close to the matter.
The general insurer’s IPO is expected to remain open from Nov 1 to Nov 3. The fully government owned company is selling 12 crores shares with a face value of Rs 5 each of which 2.4 crore shares are fresh issue and 9.6 crore shares are an Offer for Sale (OFS). The total issue will constitute 14.56 percent of the post offer paid-up share capital of the company.
In an earlier interview to Business Line, Chairman and Managing Director, New India Assurance Company, G Srinivasan said,“The proceeds from the fresh issue will accrue to our company and we propose to utilise the net proceeds towards meeting our future capital requirements arising from the growth and expansion of our business and improving our solvency margin.”
Kotak Investment Banking, Axis Capital, IDFC Bank, Nomura and Yes Securities are the banks managing New India Assurance’s IPO.
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