Star Health and Allied Insurance Co. Ltd, owned by a consortium of investors, including Rakesh Jhunjhunwala and Westbridge Capital, has set the share's price band for its initial public offering (IPO) at Rs 870-900 per share. The same will open on November 30 and conclude on December 2.

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The bidding for anchor investors will open on November 29, the company said.

The IPO comprises fresh issue of equity shares worth Rs 2,000 crore and an offer-for-sale of up to 58,324,225 equity shares by promoters and existing shareholders.

Those offering shares through the offer-for-sale are promoter and promoter group -- Safecrop Investments India LLP, Konark Trust, MMPL Trust -- and existing investors -- Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.

The public offer includes a reservation of shares worth Rs 100 crore for employees. At the upper end of the price band, the initial share-sale is expected to fetch Rs 7,249.18 crore.

Proceeds from the fresh issue would be used to augment the company's capital base.

Investors can bid for a minimum of 16 equity shares and in multiple thereof.

At present, SBI Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company are the few insurance companies which are listed on the stock exchanges. Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India, ICICI Securities, CLSA India, Credit Suisse Securities (India) Private Limited, Jefferies India, Ambit, DAM Capital Advisors and IIFL Securities are the merchant bankers to the issue.

-With PTI inputs

(Edited by : Anshul)

First Published:Nov 24, 2021 12:07 PM IST