General Insurance holds biggest IPO since 2010

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An initial public offer (IPO) to raise ₹113 billion (US$1.7 billion) by the country’s only reinsurance company General Insurance Corporation of India (GIC Re) was the largest since Coal India’s 2010 IPO. With the price band set at ₹855-912, GIC Re’s IPO was 1.38 times oversubscribed.

Khaitan & Co acted as domestic counsel to the book running lead managers to the issue Citi Global Markets India, Axis Capital, Deutsche Equities India, HSBC Securities and Capital Markets (India) and Kotak Mahindra Capital.

“We acted as the underwriters’ Indian legal counsel,” Khaitan & Co partner Abhimanyu Bhattacharya told India Business Law Journal. “We advised (them) on various aspects of the transaction including due diligence, financial statements disclosure requirements, reviewing of the prospectus, negotiating transaction agreements, reviewing applications and submissions to SEBI [the Securities and Exchange Board of India] and IRDAI [the Insurance Regulatory and Development Authority of India].”

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