Photo Caption: Photo 1:  Mrs. Alice G Vaidyan, CMD, General Insurance Corporation of India.

The IPO consists of:

• A fresh issue of 17,200,000 equity shares;
• Offer for sale of up to 107,500,000 equity shares by the Selling Shareholder, the President of India acting through                         the Ministry of Finance, Government of India;
• A retail discount and an employee discount of₹ 45 per Equity Share on the Offer Price, is being offered to Retail Individual Bidders and to Eligible Employees
• The minimum Bid lot is 16 equity shares and in multiples of 16 equity shares thereafter
• Issue opening date –October 11, 2017, and Issue closing date – October 13, 2017
• The Floor Price is 171 times of the face value and the Cap Price is 182.40 times of the Face Value
• The offer would constitute 14.22% of the post-offer paid-up equity share capital

 ^{*APPLICATIONS SUPPORTED BY BLOCKED AMOUNT (ASBA): Investors have to apply through the ASBA process. ASBA has to be availed by all the investors except anchor investors. For details on the ASBA process, please refer to the details given in the ASBA Form and Abridged Prospectus and also please refer to “OfferProcedure” on page 431of the RHP. ASBA Forms can also be downloaded from the websites of BSE and NSE. ASBA Forms can be obtained from the list of banks that is available on the website of SEBI at www.sebi.gov.in. ASBA Form can be obtained from Syndicate, SCSBs, Registered Brokers, RTAs and CDPs, the list of which is available on the website of SEBI at http://www.sebi.gov.in/sebiweb/home/5/33/0/0/Recognised-Intermediaries.}

 

Chennai, October 04, 2017: General Insurance Corporation of India (“Company”/ the “Corporation”), will be launching its initial public offering (“IPO” or the “Offer”) which is scheduled to open on October 11, 017 and close on October 13, 2017, with a price band of ` 855 to ` 912 per Equity Share of face value of ` 5 each of the Company (the “Equity Shares”).

The IPO comprises a fresh issue of 17,200,000 equity shares by the Corporation (“Fresh Issue”) and an offer for sale of 107,500,000 equity shares by our promoter (the “Selling Shareholder”) (“Offer for sale”). The offer would include a reservation aggregating up to ₹ 116,800,000 for subscription by eligible employees (as defined in “Definitions and Abbreviations”) (the“Employee Reservation Portion”). The offer would constitute 14.22 % of post-offer paid-up equity share capital.

A discount of ₹ 45 on the Offer Price is being offered to Retail Individual Bidders (“Retail Discount”) and to Eligible Employees (Defined Below) Bidding in the Employee Reservation Portion (if any) (“Employee Discount”).

The Company proposes to utilize the net proceeds of the Fresh Issue towards (i) augmenting the capital base of the Corporation to support the growth of the business and to maintain current solvency levels; and (ii) General corporate purposes, subject to applicable law.

This Offer is being made through the Book Building Process, in terms of Rule 19(2)(b)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) wherein at least 10% of the post Offer paid up equity share capital of the Corporation shall be offered to the public. The Offer is being made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“SEBI ICDR Regulations”). The Offer is being made through the Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Portion”). 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price.

Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. The Offer includes an Employee Reservation Portion for Eligible Employees aggregating up to ` 116,800,000. All potential investors are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective bank account which will be blocked by the SCSBs, to participate in this Offer.

Citigroup Global Markets India Private Limited, Axis Capital Limited, Deutsche Equities India Private Limited, HSBC Securities and Capital Markets (India) Private Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Manager (“BRLM”) to the Offer. The Registrar to the Offer is Karvy Computershare Private Limited.

The Equity Shares of General Insurance Corporation of India is proposed to be listed on the National Stock Exchange of India and BSE Limited.

About General Insurance Corporation of India

General Insurance Corporation of India is the largest reinsurance company in India in terms of gross premiums accepted in Fiscal 2017, and accounted for approximately 60% of the premiums ceded by Indian insurers to reinsurers during Fiscal 2017, according to CRISIL Research. The Corporation is also an international reinsurer that underwrote business from 161 countries as at June 30, 2017. According to CRISIL Research, the Corporation is ranked as the 12th largest global reinsurer in 2016 and the 3rd largest Asian reinsurer in 2015, in terms of gross premiums accepted. The Corporation provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, aviation/space, health, liability, credit and financial and life insurance. With more than 44 years of experience in, and commitment to, providing reinsurance products and services, The Corporation believes that they have become a trusted brand to its insurance and reinsurance customers in India and overseas.