IPO: General Insurance Corporation of India (GIC)

Company & Business Profile

General Insurance Corporation of India; one of the largest reinsurance company in India in terms of gross premiums accepted in Fiscal 2017, and it has accounted for approximately 60% of the premiums ceded by Indian insurers to reinsurers during Fiscal 2017, according to CRISIL Research.

The Company is also an international reinsurer that underwrote business from 161 countries as at June 30, 2017. According to CRISIL Research, it ranked as the 12^th largest global reinsurer in 2016 and the 3rd largest Asian reinsurer in 2015, in terms of gross premiums accepted. It provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, aviation/space, health, liability, credit and financial and life insurance. Through its more than 44 years of experience in, and commitment to, providing reinsurance products and services, it believes that it has become a trusted brand to its insurance and reinsurance customers in India and overseas.

Objects of the Issue 

– Fresh Issue of equity shares aggregating up to 1568 crores. Augmenting the capital base of the Corporation to support the growth of their business and to maintain current solvency levels; and General corporate purposes. 

– Offer for Sale of equity Shares aggregating up to 9804 crores comprising of 10.75 crores equity shares by Government of India. Company will not receive any proceeds from the Offer for Sale.

Listing:

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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