Star Health and Allied Insurance Co. Ltd, owned by a consortium of investors including Rakesh Jhunjhunwala and Westbridge Capital, set the share price range for its initial public offering (IPO) at Rs 870-900 per share. The same will open on November 30 and end on December 2.
The tender for key investors will open on November 29, the company said.
The IPO includes a new issue of shares valued at Rs 2,000 crore and an offer to sell up to 58,324,225 shares by existing promoters and shareholders.
Those offering shares as part of the offer for sale are the promoter and group of promoters – Safecrop Investments India LLP, Konark Trust, MMPL Trust – and the existing investors – Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.
The public offering includes a reservation of shares worth Rs 100 crore for employees. At the high end of the price range, the initial share sale is expected to reach Rs 7,249.18 crore.
The proceeds of the new issue would be used to increase the capital of the company.
Investors can bid on a minimum of 16 shares and in multiples thereof.
–With PTI inputs
(Edited by : Anshul)
First publication: STI