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ICICI Lombard gets Sebi's approval for Rs 6,000 crore IPO

This could be the first by a general insurer in the country

Press Trust of India  |  New Delhi 

icici lombard

General Insurance Company has got capital regulator Sebi's go-ahead for its estimated Rs 6,000 crore initial public offer, which could be the first by a general insurer in the country.

Two state-run general insurers -- General Insurance Corp of India and Company -- as also two life insurance firms (and Standard Life) have also lined up plans and are awaiting Sebi's go-ahead for their respective draft papers.

Among these, is awaiting "clarification" from insurance regulator with regard to IPOs by Standard Life, and General Insurance, as per the latest update available with on these IPOs.

In case of SBI Life, the market regulator received the required details from on August 28 and the case is currently "under process" at Sebi's end.

issued its "observations" -- a technical jargon for the regulator's go-ahead for public issues -- on the public offer by General Insurance on September 1. The company had filed its draft prospectus with on July 14 for the public issue which would comprise Offer For Sale of by existing shareholders, accounting for 19 per cent stake.

is a joint venture between and Canada-based Fairfax Financial Holdings Ltd.

The involves dilution of up to 86,247,187 equity of face value of Rs 10 each of General Insurance.

According to market sources, the could be worth about Rs 6,000 crore.

had sought clarification from regarding General Insurance Corp (GIC) on August 21 and about Co Ltd on August 16. Some 'clarification' was sought from regarding Standard Life on August 23.

In July, Insurance Company and General Insurance Company had approached (Sebi) with their respective papers.

Standard Life Insurance submitted draft papers on August 18. The share sale is expected to be worth around Rs 7,500 crore, as per market sources.

Through New India Assurance's IPO, the government plans to sell 9.6 crore shares, besides fresh issue of 2.4 crore It filed draft prospectus with on August 8.

The offer is expected to fetch more than Rs 6,500 crore, sources said.

In the case of GIC Re, the offer includes sale of 10.7 crore by the government apart from fresh issue of 1.7 crore It filed papers with on August 7.

According to sources, GIC Re's is also expected to mop up an amount similar to that of

First Published: Wed, September 06 2017. 00:12 IST