News From Press New India Assurance IPO gets SEBI go ahead

New India Assurance IPO gets SEBI go ahead

Source: Business Line Sep 19, 2017

New India Assurance Company Ltd has received SEBI approval to float initial public offer (IPO), as per the latest update by the capital markets regulator.

The country’s largest non-life insurer had filed draft prospectus with SEBI in August and received ‘observations’ from it on September 15 that are necessary for an IPO.

According to the draft papers, the government will be selling 9.6 crore shares, whereas the company itself will be selling 2.4 crore shares through the IPO.

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