IndiaFirst Life Insurance Company Ltd files DRHP for IPO

IndiaFirst Life Insurance Company Limited ("IFLICL"), a subsidiary of Bank of Baroda, has filed a draft red herring prospectus ("DRHP") dated October 21, 2022, with the Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited in furtherance of its proposed initial public offer (the "IPO") of equity shares, subject to receipt of requisite approvals, market conditions and other considerations.

IFLICL is proposing to undertake an IPO of its equity shares of face value of Rs. 10 each ("Equity Shares"), comprising a fresh issue of Equity Shares aggregating up to Rs. 5,000 million and an offer for sale of up to 141,299,422 Equity Shares, comprising up to 89,015,734 Equity Shares by Bank of Baroda, up to 39,227,273 Equity Shares by Carmel Point Investments India Private Limited, and up to 13,056,415 Equity Shares by Union Bank of India.

Shares of Bank of Baroda was last trading in BSE at Rs. 143.55 as compared to the previous close of Rs. 140.80. The total number of shares traded during the day was 2305723 in over 13476 trades.

The stock hit an intraday high of Rs. 144.90 and intraday low of 140.60. The net turnover during the day was Rs. 330382971.00.

Source : Equity Bulls

Keywords

BankofBaroda INE028A01039 IndiaFirstLifeInsuranceCompany DRHP SEBI IPO