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The New India Assurance Company Limited (“Company”), will be launching its initial public offering which is scheduled to open on Wednesday, November 01, 2017 and close on Friday, November 03, 2017, with a price band of Rs. 770 to Rs. 800 per Equity Share of face value of Rs. 5/- each of the Company (the “Equity Shares”). A discount of Rs. 30 on the Offer Price is being offered to Retail Individual Investors (“Retail Discount”) and to Eligible Employees Bidding in the Employee Reservation Portion (“Employee Discount”).
The initial public offering of up to 120,000,000 Equity Shares of the Company consisting of a fresh issue of up to 24,000,000 equity shares (“Fresh Issue”) and an offer for sale of up to 96,000,000 equity shares (“Offer For Sale” and together with the fresh issue, the “Offer”) by The President of India, acting through the Ministry of Finance, Government of India (the “Selling Shareholder”). The Offer and the Net Offer shall constitute 14.56% and 14.13%, respectively of the post-Offer paid-up Equity Share capital of the Company.
The Offer also includes a reservation of up to 3,600,000 Equity Shares for subscription by Eligible Employees (the “Employee Reservation Portion”). The Offer will comprise the Net Offer of up to 116,400,000 Equity Shares and the Employee Reservation Portion of up to 3,600,000 equity shares.
The Company proposes to utilize the net proceeds of the Fresh Issue towards meeting future capital requirements which are expected to arise from the growth and expansion of business, improving solvency margin and consequently solvency ratio of the company.
For More Information contact :
Shivani Mehta | PR Executive / E-Mail : firstname.lastname@example.org