Jhunjhunwala-Promoted Star Well being Units IPO Worth Band At Rs 870-900; Difficulty O Open On November 30

New Delhi: Star Well being and Allied Insurance coverage Firm on Wednesday mentioned it has mounted a value band of Rs 870-900 a share for its Rs 7,249-crore preliminary public providing (IPO), which is able to open on November 30.

The three-day IPO will conclude on December 2. The bidding for anchor traders will open on November 29, the corporate introduced. The IPO contains recent concern of fairness shares value Rs 2,000 crore and an offer-for-sale of as much as 58,324,225 fairness shares by promoters and current shareholders.

Star Well being, main personal well being insurer within the nation, is owned by a consortium of traders like Westbridge Capital and Rakesh Jhunjhunwala.

These providing shares via the offer-for-sale are promoter and promoter group — Safecrop Investments India LLP, Konark Belief, MMPL Belief — and current traders — Apis Progress 6 Ltd, Mio IV Star, College of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.

The general public provide features a reservation of shares value Rs 100 crore for workers.

On the higher finish of the worth band, the preliminary share-sale is predicted to fetch Rs 7,249.18 crore. Proceeds from the recent concern can be used to enhance the corporate’s capital base.

About 75 per cent of the difficulty measurement has been reserved for certified institutional consumers (QIBs), 15 per cent for non-institutional traders and the remaining 10 per cent for retail traders.

Traders can bid for at least 16 fairness shares and in a number of thereof.

At current, SBI Life Insurance coverage Firm, HDFC Life Insurance coverage Firm, ICICI Prudential Life Insurance coverage Firm and ICICI Lombard Normal Insurance coverage Firm are the few insurance coverage firms that are listed on the inventory exchanges.

Kotak Mahindra Capital Firm, Axis Capital, BofA Securities India, Citigroup International Markets India, ICICI Securities, CLSA India, Credit score Suisse Securities (India) Non-public Restricted, Jefferies India, Ambit, DAM Capital Advisors and IIFL Securities are the service provider bankers to the difficulty.

The fairness shares of the corporate will probably be listed on the BSE and NSE.

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