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General Insurance Corp. of India sets IPO price

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General Insurance Corp. of India sets IPO price

State-owned General Insurance Corp. of India set the price for its proposed IPO at between 855 and 912 Indian rupees per share, Reuters reported Oct. 4.

The Indian government is looking to raise 113.7 billion rupees by selling 107.5 million shares, while General Insurance will sell 17.2 million new shares. The state-owned insurer will offer a total of 124.7 million shares, or 14.2%, of the company's post-offer paid-up equity share capital.

The issuance period will run from Oct. 11 to Oct. 13, the news outlet reported, citing a public notice.

General Insurance is India's second-biggest IPO after Coal India's share sale raised 152 billion rupees in 2010. The Indian government is seeking to raise 725 billion rupees by divesting stakes in state-run companies as well as private firms in which it is a minority shareholder.

As of Oct. 3, US$1 was equivalent to 65.47 Indian rupees.