STOCKMARKET360

ATTENTION 100% FREE LIVE TIPS & RECCOMENDATIONS. GET 100% LIVE FUNDAMENTAL & TECHNICAL RESEARCH ON INDIAN STOCK MARKET. COMMODITIES,FOREX MARKET, FREE TIPS

ICICI Lombard General Insurance 5700 Crore IPO to hit market on September 15

Issue Detail:

»» Issue Open: Sep 15, 2017 – Sep 19, 2017
»» Issue Type: Book Built Issue IPO
»» Issue Size: 86,247,187 Equity Shares of Rs 10 aggregating up to Rs 5,700.94 Cr
»» Face Value: Rs 10 Per Equity Share
»» Issue Price: Rs 651 – Rs 661 Per Equity Share
»» Bid/Offer Opens On: September 15, 2017
»» Bid/Offer Closes On: September 19, 2017
»» Finalisation of Basis of Allotment: On or about September 22. 
»» Initiation of refunds: On or about September 25, 2017
»» Credit of Equity Shares to demat accounts: On or about September 26, 2017
»» Commencement of trading of the Equity Shares on the Stock Exchanges: On or about September 27, 2017.

»» Listing At: BSE, NSE

 

ICICI Lombard General Insurance Company has set Rs 651-661 as the value band for its first sale of stock (IPO), which will make it a Rs 5,700-crore issue.

“The value band has been set at Rs 651-661. At the upper end of the band, it will raise Rs 5,700 crore,” a source said late on Thursday evening.

The issue, the first by any General Insurance Company, hits the market on September 15. The roadshows are commencing today in the financial capital.

Sources said the company promoters will dilute their holding by 19 per cent as part of the issue.At exhibit, its investors incorporate largest private sector lender ICICI Bank and the Canadian Fairfax Financial Holdings.

More than 8.6 crore value offers will be sold as a major aspect of the IPO, which will incorporate ICICI Bank offering more than 3 crore shares and the rest from Fairfax. This is the second insurance company from the ICICI Bank gathering to list, after the Rs 6,000-crore posting of its life insurance prior.

Bank of America Merrill Lynch, alongside ICICI Securities and IIFL are the investors to the issue, which will be open till September 19. Prior this week, ICICI Lombard General Insurance Company got capital market controller Sebi’s thumbs up for the IPO, which would be the first by a general insurer in the country.
Two state-run general insurers-General Insurance Corp of India and New India Assurance Company-as also two life insurance firms (SBI Life and HDFC Standard Life) have also palnned up IPO plans and are awaiting Sebi’s approval. ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings Ltd. The IPO involves dilution of up to 86,247,187 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance.

Leave a Reply

Your email address will not be published. Required fields are marked *

STOCKMARKET360 © 2017