Life Insurance Corp. of India (LIC) has put in a major bid for shares of reinsurer General Insurance Corp. of India Ltd (GIC Re), in the latter’s ongoing initial public offering (IPO), said two people aware of the development, on the condition of anonymity.
The GIC Re IPO is looking to raise Rs11,372 crore ($1.7 billion) at the upper end of the price band of Rs855-912 per share. The share sale values the insurance firm at Rs80,000 crore.
“LIC has made a substantial bid in the institutional portion of the book as a result of which the institutional portion is already oversubscribed and the overall IPO too is substantially subscribed on the first day itself,” said one of the two persons cited above.
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