The initial public offer (IPO) of state-owned General Insurance Corporation of India was subscribed 72 per cent so far on the first day of the three- day bidding today. GIC Re's Rs 11,370-crore IPO received bids for 8,97,26,432 shares against the total issue size of 12,47,00,000 shares, data available with the NSE till 1515 hrs showed.
The IPO of the reinsurance company, which is in a price band of Rs 855-912, will close on October 13. The issue comprises fresh issue of 1,72,00,000 shares by the Corporation and an offer for sale of 10,75,00,000 shares by the promoter.
The company proposes to utilise the net proceeds of the fresh issue towards augmenting the capital base to support growth of the business and to maintain current solvency levels as also general corporate purposes.
