The price band of IPO fixed at Rs 855 to Rs 912 per equity share
General Corporation of India is coming up with an initial public offer of 12.47 crore equity shares comprising of a fresh issue of 1.72 crore equity shares and an offer for sale of 10.75 crore equity shares by the promoters or the selling shareholders.
The offer would constitute 14.22% of the post-offer paid-up equity share capital. The price band of the IPO has been fixed at Rs 855 to Rs 912 per equity share. The IPO opens on 11 October 2017 and closes on 13 October 2017.
GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance by the government of India. It is a wholly owned subsidiary of government of India.
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