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GIC RE FILES RED HERRING PROSPECTUS FOR Rs7,000 CRORE IPO

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08/08/2017 | 02:00 am

GIC of India (GIC Re) has filed red herring prospectus with the capital markets regulator for raising Rs7,000 crore through an initial public offering (IPO). It is selling 15 percent stake comprising existing and fresh shares. Axis Capital, Citi, Deutsche Bank, HSBC and Kotak Investment Banking are the merchant bankers for the IPO. The company has reported a net profit of Rs3,127 crore for 2016-2017, up 10 percent year-on-year, while its net worth is at Rs45,000 crore.

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