LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

GIC Re files DRHP for public listing with Sebi

It forms part of the government's plans to list four state-owned non-life insurers and the national reinsurer. New India Assurance has already started the process for its forthcoming IPO, whereas National Insurance Company has hinted that it will come up with its IPO by the fiscal-end.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
GIC Re files DRHP for public listing with Sebi
Representational Image. Photo: Pixabay
Written By: PTI
Updated: Tue, Aug 08, 2017
08:36 am
Mumbai, PTI
RELATED NEWS
Insurance cos to focus on IPOs, consolidation in 2018 Insurance cos to focus on IPOs, consolidation in 2018
General Insurance Corp's Rs 11,000 crore IPO gets oversubscribe by 1.36 times on Day 3; QIBs bid most General Insurance Corp's Rs 11,000 crore IPO gets oversubscribe by 1.36 times on Day 3; QIBs bid most

The national reinsurer, GIC Re, filed draft red herring prospectus (DRHP) for public listing with the capital markets regulator Sebi here on Monday, a senior official from the company said.

It forms part of the government's plans to list four state-owned non-life insurers and the national reinsurer. New India Assurance has already started the process for its forthcoming IPO, whereas National Insurance Company has hinted that it will come up with its IPO by the fiscal-end.

"We have filed DHRP for the company's forthcoming IPO with Sebi today," an official of the company told reporters here today.

"The issue size of the forthcoming IPO of GIC Re is likely to be at around USD 1 billion," he added.

The government will be selling 107.5 million shares, whereas GIC Re itself is likely to sell 17.2 million shares through the IPO. Thus a total of 124.7 million shares of the reinsurer would be sold through the share sale offer, constituting 14.22 per cent of the company's post issue share capital, as per the filing of the company.

Axis Capital, Citi, Deutsche Bank, HSBC and Kotak are the merchant bankers for the IPO.

GIC Re is expected to hit the market by mid-October. The company registered a profit after tax of Rs 3,127 crore in fiscal 2017, an increase of 9.8 per cent over the previous year. The net worth of the company stood at Rs 47,983 crore.

"I would like to say that IPO is a welcome step and it shows the commitment of government to reforms. Having said that, we have kick-started the process of IPO and have appointed merchant bankers and legal counsels. Apart from that, I can't offer any more comments on the issues as we are in process of IPO," Alice Vaidyan, chairman and managing director at GIC Re had said earlier.

"We are waiting for clearance from the government as to what will be the initial tranche, but it will be disinvestment of 25 per cent over three years," Vaidyan had added. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
GIC ReGIC Re files DRHPDraft Red Herring ProspectusGIC Re IPOSebiinitial public offeringMarketsInvestmentsBanking & Financial ServicesNew India Assurance IPOprimary markets
RELATED NEWS
Insurance cos to focus on IPOs, consolidation in 2018 Insurance cos to focus on IPOs, consolidation in 2018
General Insurance Corp's Rs 11,000 crore IPO gets oversubscribe by 1.36 times on Day 3; QIBs bid most General Insurance Corp's Rs 11,000 crore IPO gets oversubscribe by 1.36 times on Day 3; QIBs bid most

LATEST NEWS

Irdai imposes Rs 51 lakh penalty on 4 insurers

Gold imports rise by 22.58% to $34.6 bn in 2020-21

In chat with Anil Singhvi, analyst Vikas Sethi recommends Hikal, Biocon as top buys for big gains

Kisan Vikas Patra scheme offers 6.9 pct interest; Which other schemes are offering HIGHER INTERESTS - Know here

This Google feature called 'Trash Bin' to deleting files on Android 12

Facebook privacy breach - Lesson for Organisations to learn from this

IndianOil Alert – Your Opportunity to earn WHOPPING Rs 2 Cr – Know terms and conditions; Do this and Win BIG

Flavoured milk taxable at 12% under GST: AAR rules in Amul dairy case

Gold Price Today 18-04-2021 – Be prepared to pay more for Gold, Silver; not just coronavirus, bullion prices may jump because of THIS reason

Petrol, Diesel Price Today – Rates unchanged on Sunday in 4 metros; Do this to get latest prices in Delhi-NCR, Mumbai, Kolkata and Chennai

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved