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ICICI Lombard raises Rs 1,625 cr from anchor investors

By: ENS Economic Bureau | Mumbai |
Published:September 15, 2017 three:54 am

ICICI Lombard General Insurance Company raised about Rs 1,625 crore from 64 anchor investors on Thursday, a day earlier than its preliminary public providing (IPO) opens for subscription. The investors who acquired shares by means of anchor allotment embrace The Nomura Trust, Blackrock India Equities, SBI Life Insurance, Citigroup Global Markets, SBI Life, BNP Paribas Insurance, amongst others.

The nation’s largest non-public sector non-life insurer is planning to boost round Rs 5,700 crore from its IPO, which is scheduled to shut on September 19. The firm has set a value band of Rs 651-661 per share for its IPO. When calculated on the higher band of the difficulty value, the corporate will likely be valued at Rs 30,000 crore.

The supply constitutes 19 per cent of the submit supply fairness share capital, which is able to embrace 7 per cent by ICICI Bank and 12 per cent by Fairfax Financial Holding Limited. ICICI Bank will get Rs 2,099.40 crore promoting three.17 crore shares, whereas Fairfax will fetch Rs three,601.50 crore for its 5.four crore shares. The firm has reserved 43.12 lakh shares for ICICI Bank shareholders. Bids will be made for no less than 22 fairness shares and multiples of 22 thereof.

This subject is a pure supply on the market (OFS) and the corporate won’t obtain any proceeds.

ICICI Lombard has a market share of 10.05 per cent within the non-life insurance coverage trade as on July 2017, confirmed knowledge from the Insurance Regulatory and Development Authority of India (Irdai). In FY 17 the corporate issued roughly 1.77 crore insurance policies and their gross direct premium was Rs 10,725 crore. For the three months ended June 2017, the corporate issued 52 lakh insurance policies and their gross direct premium revenue was Rs three,321 crore.

In 2017, firms raised Rs 16,254 crore by means of IPOs. Listing beneficial properties and returns by newly listed firms as additionally the optimistic sentiment within the broader market are among the many causes attributed to the development. BSE, HUDCO, CDSL, Avenue Supermarts, Shankara Building Products, S Chand and Company, and Cochin Shipyard are among the firms who accomplished their IPOs within the final eight months.

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