GIC RE shares too were trading on a flat note at Rs 342.95 on BSE in early deals today. Market cap of the General Insurance firm stood at Rs 60,167 crore.
Shares of New India Assurance, another selling shareholder in the IPO, were trading 1% lower at Rs 194.10. Market cap of the insurance firm stood at Rs 32,234 crore.
Bank of Baroda shares too slipped 1% to Rs 234.35 in the current session. Market cap of the lender stood at Rs 1.21 lakh crore.
NSE IPO price band
NSE announced a price band of Rs 1,700 to Rs 1,785 per equity share for IPO on Thursday. Investors will be able to bid for a minimum of 8 shares, with additional bids allowed in multiples of 8 thereafter.
The NSE IPO will open for subscription on Thursday, September 17, and the bidding window will remain open until Monday, September 21.
The public issue is entirely an offer-for-sale (OFS), with existing shareholders proposing to sell 12,64,36,550 equity shares, equivalent to around 5.11% stake in the exchange.
At the upper end of the price band, the IPO is expected to raise around Rs 22,568.92 crore. Since the issue comprises only an OFS, NSE will not receive any proceeds from the IPO. The funds raised will accrue to the existing shareholders selling their stakes.
The key shareholders participating in the OFS include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius), The New India Assurance Company, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company.
