New India Assurance set to raise Rs 6,000 cr via IPO

Issue to be of 120 mn shares, with a face value of Rs 5 each

The government-owned general insurer, New India Assurance Company Ltd, has filed the draft red herring prospectus with the Securities and Exchange Board of India to list its business through an initial public offering (IPO).
 
The filing for IPO comes after another state-owned insurer, General Insurance Corporation, filed its draft prospectus on Monday.
 
New India's IPO will be of 120 million shares, with a face value of Rs 5 each. The offer comprises a fresh issues of 24 million equity shares and an offer of sale of 96 million equity shares, according to the prospectus.
 
The issue size