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GIC Re, opens its Initial Public offering (IPO) today on October 11. The company is expecting to raise Rs.11,370 crore through the issue and the offer will be closing on October 13.
GIC Re is a government owned reinsurance company. The price band for the issue is Rs.855 to Rs.912 per share. The IPO consists of a primary issue of 17.20 million equity shares by GIC Re and offer for sale of 107.50 million equity shares by government.
Further, discount of Rs.45 is being offered to retail individual bidders on the offer price and to eligible employees.
Bids can be made of minimum 16 equity shares and in multiples of 16 shares thereafter.
