New In­dia As­sur­ance is­sues IPO

Times of Oman - - ROUND-UP -

MUSCAT: The New In­dia As­sur­ance Com­pany wholly owned by Govt. of In­dia has an­nounced the launch of its ini­tial pub­lic of­fer­ing.

The pro­mot­ers of the com­pany are the Pres­i­dent of In­dia act­ing through the Min­istry of Fi­nance, Govt. of In­dia. The net of­fer is for 120000000 eq­uity shares. The price band is Rs770 – 800 per eq­uity share of face value at Rs5 each. The re­tail dis­count could be Rs30 per eq­uity share. The floor price is 154 times of face value of eq­uity price and cap price is 160 times that of eq­uity share. The bid can be made for a min­i­mum lot of 18 shares and in mul­ti­ples of 18 there­after. The bid/of­fer opens on Novem­ber 1, 2017 and closes on Novem­ber 3, 2017.

The lead man­agers for the of­fer are – Ko­tak In­vest­ment Bank, Axis Cap­i­tal, IDFC Bank, No­mura FA and Se­cu­ri­ties and YES Se­cu­ri­ties.

New In­dia is the premier multi­na­tional gen­eral in­sur­ance com­pany of In­dia with oper­a­tions in 28 coun­tries in­clud­ing GCC, UK, Ja­pan, Aus­tralia, New Zealand, Hongkong and also from the Box at Lloyds. The com­pany was es­tab­lished in the year 1990 and is in ex­is­tence in the global mar­ket for the last 98 years.

New In­dia is the only di­rect in­surer in In­dia with A-Ex­cel­lent Rat­ing from AM Best. It is the mar­ket leader in In­dia for the last 44 years and presently there are 31 gen­eral in­sur­ance play­ers oper­at­ing in In­dia. New In­dia is the No.1 gen­eral in­surer in In­dia in terms of pre­mium, profit, mar­ket share and dis­tri­bu­tion net­work. In ad­di­tion, it has the high­est claim set­tle­ment ra­tio and sec­ond low­est claim re­pu­di­a­tion ra­tio. Its sol­vency mar­gin is 2.27, which in­di­cate its strong fi­nan­cial strength.

In Oman, its oper­a­tions be­gan in 1974 and it is the largest NonLife For­eign In­surer oper­at­ing in this coun­try.

It has taken ex­ten­sive ef­forts for de­vis­ing and mar­ket­ing need­based in­sur­ance cov­ers to cater the in­sur­ance re­quire­ments of ex­pats and that of lead­ing cor­po­rate houses in Oman. Ab­dul Aziz & Broth­ers is the chief agent for New In­dia in Oman.

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