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Two IPOs worth over Rs.12,300 cr to hit market this week

Monday, October 09, 2017

Two companies -- Indian Energy Exchange and General Insurance Corporation Of India -- are set to launch their initial public offerings this week to raise about Rs 12,371 crore.

Indian Energy Exchange plans to raise Rs 1,001 crore through its initial share sale offering. It has fixed a price band of Rs 1,645- 1,650 per share for its public issue.

The issue by which the company is selling 60,65,009 shares or 20% of the post-issue paid-up capital will be open for subscription during October 9-11.

IEX is India's first power exchange providing automated trading platform for electricity (for physical delivery) and renewable energy certificates.

State-owned General Insurance Corporation of India's (GIC Re) Rs 11,370-crore IPO is in a price band of Rs 855-912 per share.

The IPO will open on October 11 and close on 13. Through the initial share sale, the national reinsurer will dilute 14.22% of its post-offer paid-up equity share capital. Of this, the government will dilute 12.26% stake and the balance 1.96% by the Corporation itself, the company had said last week.

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