IndiaFirst Life Insurance, promoted by Bank of Baroda, has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO).
The life insurer had in October 2022 sought approval for the public issue, which consists of a fresh issue of equity shares worth up to Rs 500 crore and an offer-for-sale (OFS) of up to 14.1 crore shares by the promoter and selling shareholders.
Bank of Baroda will offload about 8.9 crore shares, Carmel Point Investments India will tender 3.9 crore shares, and Union Bank of India another 1.3 crore shares.
IndiaFirst Life, may in consultation with merchant bankers, consider a private placement, preferential allotment, rights issue or any such other method aggregating up to Rs 100 crore before the IPO, in which case the fresh issue size will be reduced.
