Sebi approves New India Assurance IPO

New Delhi: State-owned New India Assurance Company Ltd has received Sebi approval to float IPO, as per the latest update by the capital markets regulator. The country's largest non-life insurer had filed draft prospectus with Sebi in August and received 'observations' from it on September 15 that are necessary for an IPO. According to the draft papers, the government will be selling 9.6 crore shares, whereas the company itself will be selling 2.4 crore shares through the IPO. Thus a total of 12 crore shares of the non-life insurer would be sold through the share sale offer, constituting around 14.56 per cent of the company's post issue share capital.