The New India Assurance Company’s initial public offer (IPO) worth Rs.9,600 crore has opened for subscription on November 1. The issue will close on November 3.

It has a price band of Rs.770-800 per share. The IPO of 12 crore equity shares consists of offer for sale of up to 9.6 crore shares by the government and fresh issue of up to 2.4 crore shares.

It also includes a reservation of up to 36 lakh equity shares for subscription by eligible employees.  Employees and retail investors will receive shares at a discount of Rs.30 per share on the offer price.

Further, bids can be made for minimum 18 equity shares and in multiples of 18 shares thereafter.

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