 "General Insurance Corporation of India (GIC Re)")
General Insurance Corporation of India’s (GIC Re) Rs 11,400-crore IPO, country’s third-largest, was subscribed 90 per cent a day before its close. The institutional investor portion of the IPO was subscribed 1.7 times, retail portion was subscribed 16 per cent and wealthy investor portion less than two per cent, data provided by stock exchanges showed. Market sources said state-owned Life Insurance Corporation (LIC) has put in a bid for Rs 8,000 crore worth of shares. So far the IPO has seen barely any bids for overseas investors.
State-owned GIC Re is India’s largest reinsurance company with 60 per cent market
