Bank of Baroda promoted IndiaFirst Life Insurance Company (IndiaFirst Life) has received capital markets regulator Sebi’s approval to float Initial Public Offering (IPO).
The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14,12,99,422 equity shares by the promoters and existing shareholders of the company.
Bank of Baroda will sell 8,90,15,734 equity shares, whereas Union Bank of India will sell 1,30,56,415 equity shares in the OFS. Carmel Point Investments India would offload 3,92,27,273 equity shares during the primary stake sale.
Bank of Baroda, India’s third largest public sector lender, holds a 65 per cent stake in the company, followed by Warburg Pincus affiliate Carmel Point Investments India which holds 26 per cent and Union Bank of India with 9 per cent stake.
The firm may consider a private placement on a preferential basis or a rights issue aggregating up to Rs 100 crore. If such a placement is completed, the fresh issue size
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