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GIC Re IPO gets good response

GIC Re IPO gets good response

IPO, initial public offeringChennai : The initial public offering (IPO) by government owned reinsurer General Insurance Corporation (GIC) has received good response from the investors on Wednesday the first day of the issue.

According to the data available on the BSE website, the portion reserved for qualified institutional buyers (QIB) was oversubscribed by 1.55 per cent.

The reinsurance major has fixed the issue price in the band Rs 855 to Rs 912 per equity share. The face value of the share is Rs 5.

The number of shares on the offer was 12,47,00,000 shares and as per BSE data at 6 p.m. total number of bids were 9,40,62,368.

The issue will close on October 13, 2017.

Post issue the promoters stake would come down to 85.78 per cent and the total equity capital will be up to Rs 438.6 crore from Rs.430 crore.

The IPO is a mix of offer of sale and fresh issue.

—IANS

Indian Energy Exchange public issue to open on Monday

Indian Energy Exchange public issue to open on Monday

Indian Energy Exchange public issue to open on MondayNew Delhi : The Indian Energy Exchange (IEX) announced it has raised an amount over Rs 300 crore from anchor investors, ahead of its initial public offering (IPO) on Monday.

IEX plans to raise Rs 1,001 crore through an IPO, for which it has fixed a price band of Rs 1,645-1,650 per share for its public issue.

In a stock exchange filing on Saturday, the company said would allot 18,19,501 equity shares to 23 anchor investors at a price of Rs 1,650 per share, by which the total amount works out to Rs 300.22 crore.

SBI Mutal Fund, Birla Sunlife MF, Birla Sunlife Trustee Company, ICICI Prudential MF and Nomura are among the anchor investors.

The public issue starting Monday, by which the company is selling 6,065,009 shares, or 20 per cent of the post-issue paid-up capital would be open for public subscription during October 9-11.

The IPO will see the sale of equity shares by existing shareholders, including Tata Power, Aditya Birla Group, Madison India Capital and Multiples Private Equity Fund.

Fifty percent of the total offer is reserved for qualified institutional buyers (QIBs), of which the company may allocate up to 60 per cent of the QIB portion to anchor investors.

Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings are the managers to the issue.

IEX is India’s first energy exchange, having started operations in 2008, and brings together buyers and sellers of power. Various electricity products are traded over its electronic trading platform.

In a report last month, American credit rating agency Fitch said that electricity prices at power exchanges had dropped by 11 per cent to Rs 2.4 per kWh in 2016-17.

The report also said that subdued demand growth, consistent capacity additions and better networks may even result in India producing surplus power in the current fiscal.

—IANS