Thursday, 7 September 2017

ICICI Lombard General Insurance IPO to open on September 15, ICICI Bank shares gain

ICICI Lombard General Insurance Company will launch its initial public offer of up to 8,62,47,187 equity shares on September 15.

free stock tipsICICI Bank shares gained more than 1 percent intraday Thursday after CNBC-TV18 report said the IPO of its general insurance company will open for subscription in the coming week.

ICICI Lombard General Insurance Company will launch its initial public offer of up to 8,62,47,187 equity shares on September 15.

The issue consists of offer for sale of up to 3,17,61,478 equity shares by promoter ICICI Bank, up to 5,44,85,709 shares by investor Fal Corporation. The issue also include a reservation of up to 43,12,359 equity shares for purchase by ICICI Bank shareholders.

The issue will close on September 19.

ICICI Lombard is the largest private-sector non-life insurer in India based on gross direct premium income in fiscal 2017. FREE STOCK INTRADAY TIPS

DSP Merrill Lynch Limited, ICICI Securities and IIFL Holdings are global co-ordinators and book running lead managers to the issue.

CLSA India Private Limited, Edelweiss Financial Services and JM Financial Institutional Securities are book running lead managers to the issue.

At 10:22 hours IST, the stock price was quoting at Rs 297.10, up Rs 1.85, or 0.63 percent on the BSE.
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