Mumbai, July 1 (IANS) Leading health insurer Niva Bupa on Monday filed its draft red herring prospectus (DRHP) with the markets regulator Securities Exchange Board of India (SEBI) to raise about Rs 3,000 crore ($360 million) via an initial public offering (IPO).
The draft papers filed by True North-backed Niva Bupa Health Insurance Company Ltd have a fresh issue of Rs 800 crore for the public and an offer for sale (OFS) of up to Rs 2,200 crore by existing shareholders.
The OFS comprises up to Rs 320 crore shares by Bupa Singapore Holdings Pte and Rs 1,880 crore by Fettle Tone LLP.
Bupa Singapore Holdings has a 62.27 per cent stake in the health insurer while Fettle Tone LLP has a 27.86 per cent stake in the company.
Morgan Stanley India, Kotak Investment Capital, Axis Capital, ICICI Securities and HDFC Bank have been hired for the IPO, according to reports.
Niva Bupa would be the second stand-alone health insurer, after Star Health Insurance, to list on the Indian stock exchanges.
In September last year, leading private equity firm True North sold a 20 per cent stake in Niva Bupa Health Insurance to its partner Bupa for Rs 2,700 crore, taking the Indian firm’s valuation to Rs 13,500 crore.
–IANS
na/dpb
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
