ICICI Lombard IPO gets oversubscribed 1.26 times
NEW DELHI: The initial share sale offer of ICICI Lombard General Insurance Company was oversubscribed 1.26 times so far on the last day of bidding on Tuesday.
The initial public offer (IPO), through which the insurer is looking to raise about Rs 5,700 crore, received bids for 7,79,16,850 shares against the total issue size of 6,16,66,740 shares, data available with the NSE till 1230 hours showed.
ICICI Lombard General Insurance on Thursday had raised Rs 1,625 crore from anchor investors.
The company's IPO involves dilution of up to 8,62,47,187 shares by promoters ICICI Bank and Fairfax.
The insurer is looking to raise about Rs 5,700 crore at the higher end of the price band which is fixed at Rs 651-661 per share.
Post-issue, the shareholding of Fairfax will come down to 9.91 per cent from 21.9 per cent now, while the same for ICICI Bank will be reduced to 55.95 per cent from 62.95 per cent.
ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsapromoted Fairfax Financial Holdings.
For the ICICI Bank group, this is the second public offer this fiscal. Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO earlier.
CLSA India Private, Edelweiss Financial Services and JM Financial Institutional Securities are the book running lead managers of the IPO. NEW DELHI: Market regulator Securities and Exchange Board of India plans to rope in third-party agencies to set up a 'network and security operation centre', which will enable it to effectively detect and protect against security threats including from ransomware.
To provide these services, Sebi has issued a notice inviting expression of interest (EOI) from the interested parties.
This comes at a time when several malware attacks have come to light globally, including in India.
While the stock market has so far not seen any major attack, the exchanges have been repeatedly warning listed companies and various intermediaries to strengthen their systems and keep a constant vigil for all kinds of cyber threats.
In a notice, the Securities and Exchange Board of India (Sebi) said the interested party will be responsible for setting up of state-of-theart enterprise-wide network and security operation centre (NOC-SOC) and implementation/upgradation of security solutions at the regulator.
The scope of the work includes all the activities related to information security which can form part of NOC-SOC, including anti-phishing, antimalware, anti-trojan, anti- ransom and implementation of security solutions such as content filter and virtual browsing solutions at Sebi.
The proposed solutions would cover all IT assets of Sebi, including regional and local offices.
The applicant should have registered profit for at least two years during the last three financial years and should have at least three years of experience in implementation and managing security solutions in one of the regulatory bodies, and PSUS.
Among other terms, the bidder should not be a blacklisted firm. Interested agencies need to submit application till October 6. SINGAPORE: Singapore business community will hold a one-day brain-storming conference on understanding and overcoming challenges of doing business in India.
The Singapore Indian Chamber of Commerce and Industry (SICCI) is organising the conference "Understanding and Overcoming Challenges in India" on October 2, setting the tone for Singapore-based investors to explore the potential of Indian market.
The High Commissioner of India to Singapore Jawed Ashraf, will deliver the keynote speech at the opening of the conference.
There are many significant investment opportunities for Singapore companies in the brimming Indian market especially the implementation of favourable and open policies, said SICCI Chairman Dr R Theyvendran. The Smart Cities initiative opens doors in many business sectors including energy, building, and logistics, he noted.
"Singapore is seen as a smart nation that is very relevant to the aspirations of new India," he pointed out. Speaking about how similar events as the conference have helped businesses work with India, he said, "Besides conferences, we have organised many overseas trade missions to create opportunities for our members to network with business leaders, associations and government bodies in various countries.”