ICICI Lombard General
Insurance Company Limited – Initial Public Offer to open on Friday, September
15, 2017, and to close on Tuesday, September 19, 2017
Chennai,
September 13, 2017: ICICI
Lombard General Insurance Company Limited ("Company" or "Issuer")
proposes to open on Friday, September 15, 2017, an initial public offering up
to 86,247,187 Equity Shares of face value of ₹ 10 each (“Equity
Shares”) which comprises of an offer for sale of up to 31,761,478 Equity
Shares by ICICI Bank Limited (“ICICI Bank” or the “Promoter Selling
Shareholder”) and up to 54,485,709 Equity Shares by FAL Corporation (“FAL”
or the “Investor Selling Shareholder” and together with the Promoter
Selling Shareholder, the “Selling Shareholders”) (“Offer”),
including a reservation of up to 4,312,359 equity shares for purchase by ICICI
Bank shareholders (as defined in “Definitions and Abbreviations” in the red
herring prospectus dated September 6, 2017 registered by the Company with the
Registrar of Companies, Maharashtra at Mumbai (“RHP”) on September 6,
2017). The Offer would constitute 19.00% of post-Offer paid-up Equity Share
capital and the net offer shall constitute 18.05% of the post-Offer paid-up
Equity Share capital.
The
Price Band for the Offer is fixed from Rs. 651 per Equity Share to Rs. 661 per
Equity Share. Bids can be made for a minimum of 22 Equity Shares and in
multiples of 22 Equity Shares thereafter. The Bid/ Offer will close on Tuesday,
September 19, 2017.
The
Company and the Selling Shareholders may, in consultation with the Global
Coordinators and Book Running Lead Managers ("GCBRLMs") and
the Book Running Lead Managers ("BRLMs"), consider
participation by Anchor Investors. The Anchor Investors shall Bid during the
Anchor Investor Bid / Offer Period; i.e., one Working Day prior to the
Bid/Offer Opening Date, on which Bids by Anchor Investors shall be submitted
and allocation to Anchor Investors shall be completed.
The
GCBRLMs to the Offer are DSP Merrill Lynch Limited, ICICI Securities Limited
and IIFL Holdings Limited. The BRLMs to the Offer are CLSA India Private
Limited, Edelweiss Financial Services Limited and JM Financial Institutional
Securities Limited.
The Equity Shares offered in the Offer proposed
to be listed on BSE and NSE.
The Offer is being made in accordance with
Regulation 26(1) of the Securities and Exchange Board of India (Issue of
Capital and Disclosure Requirements) Regulations, 2009, as amended (“SEBI Regulations”),
wherein not more than 50% of the Net Offer shall be allocated on a
proportionate basis to Qualified Institutional Buyers (“QIBs”), provided
that our Company and the Selling Shareholders may, in consultation with the
GCBRLMs and the BRLMs, allocate up to 60% of the QIB Portion to Anchor
Investors on a discretionary basis, out of which one-third shall be reserved
for domestic Mutual Funds only, subject to valid Bids being received from
domestic Mutual Funds at or above the Anchor Investor Allocation Price, in
accordance with the SEBI Regulations. 5% of the QIB Portion (excluding the
Anchor Investor Portion) shall be available for allocation on a proportionate
basis to Mutual Funds only, and the remainder of the QIB Portion shall be
available for allocation on a proportionate basis to all QIB Bidders (other
than Anchor Investors), including Mutual Funds, subject to valid Bids being
received at or above the Offer Price. Further, not less than 15% of the Net
Offer shall be available for allocation on a proportionate basis to
Non-Institutional Investors and not less than 35% of the Net Offer shall be
available for allocation to Retail Individual Bidders in accordance with the
SEBI Regulations, subject to valid Bids being received at or above the Offer
Price. All potential investors, other than Anchor Investors, are required to
mandatorily utilise the Application Supported by Blocked Amount (“ASBA”)
process providing details of their respective bank account which will be
blocked by the SCSBs, to participate in this Offer.
Disclaimer:
ICICI
LOMBARD GENERAL INSURANCE COMPANY LIMITED is proposing, subject to applicable
statutory and regulatory requirements, receipt of requisite approvals, market
conditions and other considerations, to make an initial public offer of its
Equity Shares and has registered the Red Herring Prospectus dated September 06,
2017 (”RHP”) with the RoC, Mumbai on September 06, 2017. The RHP is available
on the websites of SEBI, BSE and NSE at www.sebi.gov.in, www.bseindia.com and www.nseindia.com, respectively, and at the websites of the
GCBRLMs at www.ml-india.com, www.icicisecurities.com and www.iiflcap.com respectively and the BRLMs at www.india.clsa.com, www.edelweissfin.com and www.jmfl.com respectively. Potential investors should note
that investment in equity shares involves a high degree of risk and for details
relating to the same, see the section titled “Risk Factors” on page 22 of the
RHP. Potential investors should not rely on the DRHP filed with SEBI for making
any investment decision.
The
Equity Shares have not been and will not be registered, listed or otherwise
qualified in any other jurisdiction outside India and may not be offered or
sold, and Bids may not be made by persons in any such jurisdiction, except in
compliance with the applicable laws of such jurisdiction. The Equity Shares
have not been and will not be registered under the US Securities Act of 1933
(“U.S. Securities Act”) or any state securities laws in the United States and
may not be offered or sold within the United States, except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act and in accordance with any applicable
United States state securities laws. There is no intention to register the
Equity Shares in the United States or to make a public offering of the
securities in the United States.
Disclaimer
Clause of the SEBI: SEBI only
gives its observations on the offer documents and this does not constitute
approval of either the Offer or the specified securities or the offer document.
The investors are advised to refer to page 412 of the RHP for the full text of
the Disclaimer Clause of SEBI.
Disclaimer
Clause of the BSE (the Designated Stock Exchange): It is to be distinctly understood that the
permission given by BSE should not in any way be deemed or construed that the
RHP has been cleared or approved by BSE nor does it certify the correctness or
completeness of any of the contents of the RHP. The investors are advised to
refer to page 427 of the RHP for the full text of the Disclaimer Clause of the
BSE.
Disclaimer
Clause of the NSE It is to be
distinctly understood that the permission given by NSE should not in any way be
deemed or construed that the offer document has been cleared or approved by NSE
nor does it certify the correctness or completeness of any of the contents of
the offer document. The investors are advised to refer to page 428 of the RHP
for the full text of the Disclaimer Clause of NSE.
Capitalised
terms not otherwise defined in this press release shall have the meanings given
to them in the RHP.
Promoted by ICICI Bank Limited, ICICI Lombard General Insurance Company was the largest private-sector non-life insurer in India based on gross direct premium income in fiscal 2017, a position it has maintained since fiscal 2004 after being one of the first few private-sector companies to commence operations in the sector in fiscal 2002, according to the CRISIL Report. It offers customers a comprehensive and well-diversified range of products, including motor, health, crop/weather, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. For more information, please visit our website: https://www.icicilombard.com.
For
further details contact: Adfactors PR - Purvi Shah 09833431331, 9820531932
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