GIC Re shares to list on bourses on Wednesday

State-owned General Insurance Corporation of India will make stock market debut on Wednesday after having concluded the Rs 11,370-crore initial public offer (IPO).

GIC Re's IPO was oversubscribed 1.38 times during October 11-13. The reinsurance company had fixed the price band at Rs 855-912 for its IPO.

The company proposes to utilise the proceeds towards augmenting the capital base to support business growth and maintain current solvency levels as also for general corporate purposes.

Axis Capital, Citigroup, Deutsche India, HSBC Securities and Kotak Mahindra Capital were the book running lead managers to the offer. The shares of General Insurance Corporation of India are proposed to be listed on NSE and BSE.