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General Insurance Corporation’s IPO fully subscribed on last day

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Mumbai: General Insurance Corporation of India’s (GIC) initial public offering (IPO) was fully subscribed on the last day of issue.

The issue IPO received bids for 12,71,54,576 shares against total issue size of 12,47,00,000 shares, data available with the NSE as of 1:30 pm showed.

The IPO, which aims to raise Rs 11,370-crore had fixed the price band of Rs 855-912 apiece. It plans to use the funds to ramp up capital for business growth and maintain current solvency levels.

The portion meant for qualified institutional buyers (QIBs) was oversubscribed 1.68 times, that for non- institutional investors by 2 percent and retail investors' quota by 16 percent.

The issue comprises a fresh issue of 1,72,00,000 shares and an offer for sale of 10,75,00,000 shares by the promoter.

The book running lead managers to the offer are Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Capital.

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