New India Assurance is expected to sell 15% to raise as much as Rs 8,000 crore in an initial public offering (IPO), which includes 5% fresh equity, said two sources in the know of the development.
The largest general insurer, preparing to hit the markets in the next 6-8 months, has already applied to the Insurance Regulatory and Development Authority (IRDA) for an in-principle approval for the IPO, said another source in the know of the development.
