Live Markets »News & Advice»IPO News»IPO News Details
IPO News Details
Back

New India Assurance looking for merchant bankers to manage IPO

Press Trust of India/New Delhi 28 Mar 17 | 07:00 AM

State-run insurer New India Assurance Company is looking for merchant bankers to manage its disinvestment through an initial public offering (IPO).

Within a week of PSU reinsurer General Insurance Corporation (GIC Re) floating an RFP for merchant bankers, the New India Assurance (NIA) has asked bankers to submit their bids by April 19.

Related Stories

    No Related Stories Found
Widgets Magazine

"The size of IPO offer and structure shall be decided by the company in consultation with the selected BRLMs, legal advisers subject to regulatory requirements," New India Assurance said in a Request for Proposal for merchant bankers. The company would appoint up to seven merchant bankers for managing the share sale. The authorised share capital of the company is Rs 300 crore and the paid-up share capital is Rs 200 crore as on March 31, 2016. The government currently holds 100 per cent stake in the company.

Besides underwriting the IPO, the merchant bankers would advise New India on the timing and the modalities of the IPO. They would also undertake due-diligence activities and prepare the draft prospectus, among other things.

The bankers would also organise both domestic and international road shows and ensure best return from the IPO to the company.

Headquartered in Mumbai, New India Assurance is the only Indian entity to have a trading desk at Lloyds of London. The general insurance company has issued 2.6 crore policies and processed 24 lakh claims in the year 2015-16.

In mid-January, the Cabinet had approved listing of general insurance companies -- New India Assurance Company, United India Insurance, Oriental Insurance Company, National Insurance Company and General Insurance Corporation of India (GIC Re). It had approved dilution of up to 25 per cent equity stake in the five companies.

The government has set a steep disinvestment target of Rs 72,500 crore for the next fiscal, of which Rs 11,000 crore is expected to come from listing of PSU general insurance companies.

Comments

    01 Jun 17 at 02:42 PM
By: sachinkrc

holiday hours

    22 May 17 at 04:24 PM
By: Tom Parker

When it comes to gaming consoles, there is always a big fight between Sony's Playstation and Microsoft's XBox. Now this rivalry is going to increase even more because Microsoft is getting ready to launch it's next console, the Xbox 2. You can check out all the details from my site here Xbox 2 Release Date

    20 Apr 17 at 03:10 PM
By: akshay1418

UK Driving Licence i UK Driving Licence w dvla driving test t replacement driving license y practical driving test booking r dvla vehicle enquiry of uk provisional license t change address driving licence is dvla theory test practice

    13 Apr 17 at 11:09 AM
By: Stephen Carey

Thank you so much for such an informative points you have were given provided. I would really like to realize your attempt you took to share your thoughts and ideas in this specific topic. Please keep posting about such articles as they really spread useful information.Thanks for this particular sharing. I hope it stays updated, Reviews of essay writing service



Widgets Magazine

Sensex

Company Price Gain (%)
Axis Bank540.303.87
O N G C165.901.75
HDFC Bank1,708.150.92
M & M1,392.600.67
Cipla571.600.61

Poll

What do you think the impact of GST on the cost of living will be?



Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine