The internet proceeds from the recent issuance price Rs 500 crore might be used in the direction of augmentation of its capital base to help solvency ranges.
IndiaFirst Life is supported by an in depth bancassurance community offered by Bank of Baroda and Union Bank, two of India’s greatest public sector banks.
Bank of Baroda promoted IndiaFirst Life Insurance Company (IndiaFirst Life) has obtained capital markets regulator Sebi’s approval to drift Initial Public Offering (IPO).
The IPO includes a recent subject of as much as Rs 500 crore together with a proposal on the market (OFS) of as much as 14,12,99,422 fairness shares by the promoters and present shareholders of the corporate.
Bank of Baroda will promote 8,90,15,734 fairness shares, whereas Union Bank of India will promote 1,30,56,415 fairness shares within the OFS. Carmel Point Investments India would offload 3,92,27,273 fairness shares throughout the main stake sale.
Bank of Baroda, India’s third largest public sector lender, holds a 65 per cent stake within the firm, adopted by Warburg Pincus affiliate Carmel Point Investments India which holds 26 per cent and Union Bank of India with 9 per cent stake.
The agency could think about a non-public placement on a preferential foundation or a rights subject aggregating as much as Rs 100 crore. If such a placement is accomplished, the recent subject measurement might be diminished.
The internet proceeds from the recent issuance price Rs 500 crore might be used in the direction of augmentation of its capital base to help solvency ranges.
The firm, which filed preliminary IPO papers with Sebi in October final 12 months, obtained it’s statement letter on March 15, an replace with the Securities and Exchange Board of India (Sebi) confirmed on Tuesday.
In Sebi’s parlance, acquiring an statement letter means its go-ahead to drift the IPO.
IndiaFirst Life is supported by an in depth bancassurance community offered by Bank of Baroda and Union Bank, two of India’s greatest public sector banks.
ICICI Securities, Ambit, BNP Paribas, BOB Capital Markets, HSBC Securities and Capital Markets (India), Jefferies India and JM Financial are the book-running lead managers to the difficulty.
The fairness shares might be listed on the BSE and NSE.
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(This story has not been edited by News18 employees and is revealed from a syndicated information company feed)
