Basis of Allotment

This is a public announcement for information purposes only and is not a prospectus announcement

This is a public announcement for information purposes only and is not a prospectus announcement. This does not constitute an invitation or offer to acquire, purchase or subscribe for securities.
Not for publication or distribution, directly or indirectly outside India.

GENERAL INSURANCE CORPORATION OF INDIA

Our Corporation was incorporated at Mumbai on November 22, 1972 as General Insurance Corporation of India, a private limited company under the Companies Act, 1956. Our Corporation was converted into a public limited company with effect from March 7, 2016. For details relating to change in the registered office of our Corporation, see "History and Certain Corporate Matters" beginning on page 175 of the Prospectus.

Registered Office and Corporate Office: 'Suraksha' 170, J Tate Road, Churchgate, Mumbai 400 020; Tel: (91 22) 2286 7000; Fax: (91 22) 2288 4010; Contact Person: Suchita Gupta, Company Secretary and Compliance Officer; E-mal: investors.gic@gicofindia.com ; Website: www.gicofindia.com; Corporate Identity Number: U67200MH1972GOI016133; IRDAR Registration Number: 112, dated April 2, 2001.

OUR PROMOTER: THE PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF FINANCE

BASIS OF ALLOTMENT

Our Corporation had filed the Prospectus with the Registrar of Companies, Mumbai and the Equity Shares are proposed to be listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and the trading expected to commence on or about October 25, 2017.

INITIAL PUBLIC OFFER OF 124,700,000 EQUITY SHARES OF FACE VALUE OF RS. 5 EACH ("EQUITY SHARES") OF GENERAL INSURANCE CORPORATION OF INDIA ("CORPORATION") FOR CASH AT A PRICE OF RS. 912 PER EQUITY SHARE AGGREGATING TO RS. 111,758.43 MILLION ("OFFER") COMPRISING A FRESH ISSUE OF 17,200,000 EQUITY SHARES AGGREGATING TO RS. 15,414.96 MILLION BY THE CORPORATION ("FRESH ISSUE") AND AN OFFER FOR SALE OF 107,500,000 EQUITY SHARES BY OUR PROMOTER (THE "SELLING SHAREHOLDER") AGGREGATING TO RS. 96,343.48 MILLION ("OFFER FOR SALE"). THE OFFER INCLUDED A RESERVATION OF 134,717 EQUITY SHARES AGGREGATING TO RS. 116,799,639 FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED IN "DEFINITIONS AND ABBREVIATIONS") (THE "EMPLOYEE RESERVATION PORTION"). THE OFFER WOULD CONSTITUTE 14.22 % OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL AND THE NET OFFER SHALL CONSTITUTE 14.20 % OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL

PROMOTER: THE PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF FINANCE

OFFER PRICE: RS. 912 PER EQUITY SHARE OF FACE VALUE OF RS. 5 EACH.
THE OFFER PRICE IS RS.912 PER EQUITY SHARE AND IS 182.4 TIMES
THE FACE VALUE OF EQUITY SHARES.

i. The five Book Running Lead Managers ("BRLMs") associated with the Offer have handled 45 Public offers in the past three years, out of which 12 offers closed below the offer price on listing date.

ii. The Price/Earnings ratio("P/E Ratio") based on diluted EPS as per restated consolidated financial statements for Fiscal 2017 for the Corporation at the upper end of the Price Band is as high as 24.97 as compared to the NIFTY 50 price earnings ratio of 23.26 (as of March 31, 2017) as there are no listed peers in India.

iii. The average cost of acquisition per Equity Share by our Promoter is Rs. 0.25 and the Offer Price at upper end of the Price Band is significantly higher at Rs. 912.

BID PROGRAMME:
BID/ISSUE OPENED ON: OCTOBER 11, 2017/BID/1SSUE CLOSED ON OCTOBER 13, 2017

A discount of Rs. 45 on the Offer Price was offered to Retail Individual Bidders ("Retail Discount") and to Eligible Employees Bidding in the Employee Reservation Portion ("Employee Discount").
This Offer has been made through the Book Building Process, in terms of Rule 19(2)(b)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") wherein at least 10% of the post Offer paid up equity share capital of our Corporation has been offered to the public. The Offer was made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBI ICDR Regulations"). The Offer was made through the Book Building Process wherein not more than 50% of the Net Offer was allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") ("QIB Portion"). 5% of the QIB Portion was available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion was available for allocation on a proportionate basts to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer was available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Offer was available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All potential investors utilised the Application Supported by Blocked Amount ("ASBA") process providing details of their respective bank account which were blocked by the SCSBs, to participate in this Offer. For details, see "Offer Procedure" beginning on page 518 of the Prospectus.
The Issue received 627,252 applications for 168,542,688 Equity Shares as per the bid book resulting in 1.35 times subscription as disclosed in Prospectus. The details of the applications received in the issue from Retail Individual Bidders, Non-Institutional Bidders, QIBs and Employee reservation portion are as under (before technical rejections);

Sr. No. Category No. of Applications No. of Equity Shares Applied Amount (Rs.) No. of times
Subscribed
Shares
Reserved as
per Prospectus
A Retail Individual Bidders 625.947 26,520,112 23,007,770,900.00 0.61 43,597,850
B Non Institutional Bidders 551 2,126,480 1,938,284,992.00 0.11 18,684,793
C Employee Investors 703 81,360 70,965,584.00 0.60 134,717
D Qualified Institutional Bidders 51 139,814,736 127,286,370,528.00 2.24 62,282,640
Total 627,252 168,542,688 152,303,392,004.00 1.35 124,700,000

Final Demand

A summary of the final demand at different bid prices is as under.

SLNO BID PRICE (RS.) BIDS QUANTITY (%) TO TOTAL CUMULATIVE TOTAL % CUMULATIVE TOTAL
1 855 2,898,656 1.63 2,898,656 1.63
2 856 28,960 0.02 2,927,616 1.64
3 857 8,912 0.00 2,936,528 1.65
4 858 4,160 0.00 2,940,688 1.65
5 859 1,792 0.00 2,942,480 1.65
6 860 3,535,424 1.98 6,477,904 3.63
7 861 5,520 0.00 6,483,424 3.64
8 862 1,888 0.00 6,485,312 3.64
9 863 2,096 0.00 6,487,408 3.64
10 864 1,504 0.00 6,488,912 3.64
11 865 16,256 0.01 6,505,168 3.65
12 866 1,712 0.00 6,506,880 3.65
13 867 80,624 0.05 6,587,504 3.69
14 868 1,680 0.00 6,589,184 3.69
15 869 528 0.00 6,589,712 3.69
16 870 25,504 0.01 6,615,216 3.71
17 871 1,696 0.00 6,616,912 3.71
18 872 1,040 0.00 6,617,952 3.71
19 873 864 0.00 6,618,816 3.71
20 874 448 0.00 6,619,264 3.71
21 875 36,816 0.02 6,656,080 3.73
22 876 960 0.00 6,657,040 3.73
23 877 928 0.00 6,657,968 3.73
24 878 3,200 0.00 6,661,168 3.73
25 879 944 0.00 6,662,112 3.74
26 880 26,720 0.01 6.688,832 3.75
27 881 432 0.00 6,689,264 3.75
28 882 720 0.00 6,689,984 3.75
29 883 102,832 0.06 6,792,816 3.81
30 884 5,504 0.00 6,798,320 3.81
31 885 10,912 0.01 6,809,232 3.82
32 886 176 0.00 6,809,408 3.82
33 887 288 0.00 6,809,696 3.82
34 888 3,296 0.00 6,812,992 3.82
35 889 1,008 0.00 6,814,000 3.82
36 890 3,953,936 2.22 10,767,936 6.04
37 891 720 0.00 10,768,656 6.04
38 892 3,152 0.00 10,771,808 6.04
39 893 288 0.00 10,772,096 6.04
40 894 64 0.00 10,772,160 6.04
41 895 4,992 0.00 10,777,152 6.04
42 896 192 0.00 10,777,344 6.04
43 897 240 0.00 10,777,584 6.04
44 898 272 0.00 10,777,856 6.04
45 899 1,280 0.00 10,779,136 6.04
46 900 70,288 0.04 10,849,424 6.08
47 901 2,768 0.00 10,852,192 6.08
48 902 1,424 0.00 10,853,616 6.09
49 903 336 0.00 10,853,952 6.09
50 904 688 0.00 10,854,640 6.09
51 905 7,856 0.00 10,862,496 6.09
52 906 624 0.00 10,863,120 6.09
53 907 1,040 0.00 10,864,160 6.09
54 908 2,384 0.00 10,866,544 6.09
55 909 1,248 0.00 10,867,792 6.09
56 910 30,336 0.02 10,898,128 6.11
57 911 22,864 0.01 10,920,992 6.12
58 912 144,070,112 80.78 154,991,104 86.90
59 CUTOFF 23,367,984 13.10 178,359,088 100.00
TOTAL 178,358,088 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on October 18, 2017.

A. Allocation to Retail Individual Bidders (After Technical Rejections)

The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Offer Price of Rs. 912 per Equity Share (less discount of Rs.45), was finalized in consultation with the NSE. This category has been subscribed to the extent of 0.5884 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 25,665,904 Equity Shares to 602,878 successful applicants. The category-wise details of the Basis of Allotment are as under.

Category No. of
Applications
Received
% of
Total
Total No. of
Equity Shares
applied
% to
Total
No. of Equity
Shares Allotted
per Applicant
Ratio Total No. of
Equity Shares
Allotted
16 445,595 73.91 7,129,520 27.78 16 1 : 1 7,129,520
32 43,889 7.28 1,404,448 5.47 32 1 : 1 1,404,448
48 17,628 2.92 846,144 3.30 48 1 : 1 846,144
64 10,293 1.71 658,752 2.57 64 1 : 1 658,752
80 7,531 1.25 602,480 2.35 80 1 : 1 602,480
96 5,397 0.90 518,112 2.02 96 1 : 1 518,112
112 8,167 1.35 914,704 3.56 112 1 : 1 914,704
128 2,501 0.41 320,128 1.25 128 1 : 1 320,128
144 1,214 0.20 174,816 0.68 144 1 : 1 174,816
160 3,581 0.59 572,960 2.23 160 1 : 1 572,960
176 1,191 0.20 209,616 0.82 176 1 : 1 209,616
192 1,468 0.24 281,656 1.10 192 1 : 1 281,856
208 9,899 1.64 2,058,992 8.02 208 1 : 1 2,058,992
224 44,524 7.39 9,973,376 38.86 224 1 : 1 9,973,376
TOTAL 602,878 100.00 25,665,904 100.00 25,665,904

Unsubscribed portion of 17,954,798 Equity shares spilled over to QIB Category

B. Allocation to Non-Institutional Bidders (After Technical Rejections)

The Basis of Allotment to the Non-Institutional Bidders, who have bid at the Offer Price of Rs. 912 per Equity Share or above, was finalized in consultation with the NSE. This category has been subscribed to the extent of 0.1103 times. The total number of Equity Shares allotted in this category is 2,062,432 Equity Shares to 458 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

Category No. of
Applications
Received
% of
Total
Total No. of
Equity Shares
applied
% to
Total
No. of Equity
Shares Allotted
per Applicant
Ratio Total No. of
Equity Shares
Allotted
224 39 8.52 8,736 0.42 224 1 : 1 8,736
240 59 12.88 14,160 0.69 240 1 : 1 14,160
256 15 3.28 3,840 0.19 256 1 : 1 3,840
1680 1 0.22 1,680 0.08 1,680 1 : 1 1,680
1744 1 0.22 1,744 0.08 1,744 1 : 1 1,744
2848 1 0.22 2,848 0.14 2,848 1 : 1 2,848
2880 1 0.22 2,880 0.14 2,880 1 : 1 2,880
3008 2 0.44 6,016 0.29 3,008 1 : 1 6,016
3152 1 0.22 3,152 0.15 3,152 1 : 1 3,152
3168 1 0.22 3,168 0.15 3,168 1 : 1 3,168
3200 3 0.66 9,600 0.47 3,200 1 : 1 9,600
3296 2 0.44 6,592 0.32 3,296 1 : 1 6,592
3360 1 0.22 3,360 0.16 3,360 1 : 1 3,360
3408 1 0.22 3,408 0.17 3,408 1 : 1 3,408
4384 2 0.44 8,768 0.43 4,384 1 : 1 8,768
5008 2 0.44 10,016 0.49 5,008 1 : 1 10,016
5040 1 0.22 5,040 0.24 5,040 1 : 1 5,040
5360 1 0.22 5,360 0.26 5,360 1 : 1 5,360
5472 4 0.87 21,888 1.06 5,472 1 : 1 21,888
5488 1 0.22 5,488 0.27 5,488 1 : 1 5,488
6352 1 0.22 6,352 0.31 6,352 1 : 1 6,352
6432 1 0.22 6,432 0.31 6,432 1 : 1 6,432
6640 1 0.22 6,640 0.32 6,640 1 : 1 6,640
7456 1 0.22 7,456 0.36 7,456 1 : 1 7,456
8880 1 0.22 8,880 0.43 8,880 1 : 1 8,880
10880 1 0.22 10,880 0.53 10,880 1 : 1 10,880
10960 4 0.87 43,840 2.13 10,960 1 : 1 43,840
10976 1 0.22 10,976 0.53 10,976 1 : 1 10,976
11200 1 0.22 11,200 0.54 11,200 1 : 1 11,200
12048 1 0.22 12,048 0.58 12,048 1 : 1 12,048
17056 1 0.22 17,056 0.83 17,056 1 : 1 17,056
21760 1 0.22 21,760 1.06 21,760 1 : 1 21,760
21888 1 0.22 21,888 1.06 21,888 1 : 1 21,888
22000 1 0.22 22,000 1.07 22,000 1 : 1 22,000
32880 1 0.22 32,880 1.59 32,880 1 : 1 32,880
32896 1 0.22 32,896 1.60 32,896 1 : 1 32,896
35200 2 0.44 70,400 3.41 35,200 1 : 1 70,400
65600 1 0.22 65,600 3.18 65,600 1 : 1 65,600
219296 1 0.22 219,296 10.63 219,296 1 : 1 219,296
355248 1 0.22 355,248 17.22 355,248 1 : 1 355,248
710512 1 0.22 710,512 34.45 710,512 1 : 1 710,512

Unsubscribed portion of 16,632,155 Equity shares spilled over to QIB Category

C. Allotment to QIBs (After Technical Rejections)

Allotment to QIBs, who have bid at the Offer Price of Rs.912 per Equity Share or above, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 1.3990 times of Net QIB portion. As per the SEBI Regulations, Mutual Funds were allotted 5% of the Equity Shares of Net QIB portion available i .e. 4,440,896 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e, 92,461,344 Equity Shares on a proportionate basis. The total number of Equity Shares allotted in the QIB category is 96,902,240 Equity Shares, which were allotted to 48 successful Applicants.

Category FIs/Banks FII MFs ICs Others Total
QIB 16,565,144 3,512,448 4,440,896 72,190,467 193,285 96,902,240

Unsubscribed QIB MF portion of 404,126 Equity shares spilled over to Other QIB Category

D. Allotment to Eligible Employee unoV Employee reservation (After Technical Rejections)

The Basis of Allotment to the Eligible Employees under Employee reservation portion, who have bid at cut-off or at the Offer Price of Rs. 912 per Equity Share (less discount of Rs.45), was finalized In consultation with the NSE. This category has been subscribed to the extent of 0.5153 times. The total number of Equity Shares Allotted in Employee category is 69,424 Equity Shares to 384 successful applicants.

The category-wise details of the Basis of Allotment are as under:

Category No. of
Applications
Received
% of
Total
Total No. of
Equity Shares
applied
% to
Total
No. of Equity
Shares Allotted
per Applicant
Ratio Total No. of
Equity Shares
Allotted
16 26 6.77 416 0.60 16 1 : 1 416
32 31 8.07 992 1.43 32 1 : 1 992
48 19 4.95 912 1.31 48 1 : 1 912
64 34 8.85 2,176 3.13 64 1 : 1 2,176
80 25 6.51 2,000 2.88 80 1 : 1 2,000
96 11 2.86 1,056 1.52 96 1 : 1 1,056
112 38 9.90 4,256 6.13 112 1 : 1 4,256
128 11 2.86 1,408 2.03 128 1 : 1 1,408
144 7 1.82 1,008 1.45 144 1 : 1 1,008
160 13 3.39 2,080 3.00 160 1 : 1 2,080
176 13 3.39 2,288 3.30 176 1 : 1 2,288
192 4 1.04 768 1.11 192 1 : 1 768
208 2 0.52 416 0.60 208 1 : 1 416
224 58 15.10 12,992 18.71 224 1 : 1 12,992
240 28 7.29 6,720 9.68 240 1 : 1 6,720
256 5 1.30 1,280 1.84 256 1 : 1 1,280
272 1 0.26 272 0.39 272 1 : 1 272
288 3 0.78 864 1.24 288 1 : 1 864
304 2 0.52 608 0.88 304 1 : 1 608
320 2 0.52 640 0.92 320 1 : 1 640
352 5 1.30 1,760 2.54 352 1 : 1 1,760
368 1 0.26 368 0.53 368 1 : 1 368
384 1 0.26 384 0.55 384 1 : 1 384
400 2 0.52 800 1.15 400 1 : 1 800
416 1 0.26 416 0.60 416 1 : 1 416
432 1 0.26 432 0.62 432 1 : 1 432
448 2 0.52 896 1.29 448 1 : 1 896
464 1 0.26 464 0.67 464 1 : 1 464
480 3 0.78 1,440 2.07 480 1 : 1 1,440
512 2 0.52 1,024 1.47 512 1 : 1 1,024
544 4 1.04 2,176 3.13 544 1 : 1 2,176
560 1 0.26 560 0.81 560 1 : 1 560
576 27 7.03 15,552 22.40 576 1 : 1 15,552
TOTAL 384 100.00 69,424 100.00 69,424

Unsubscribed portion of 65,293 Equity shares spilled over to QIB's, NIB's and Retail Individual Categories in the ratio of 50:15:35 The IPO Committlee of our Company at its meeting held on October 23, 2017 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation will be dispatched to the address of the Investors as registered with the depositories on or before October 24, 2017. Further, instructions to the SCSBs have been dispatched/mailed for unblocking of funds and transfer to the Public Offer Account on or before October 18, 2017. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Refund Advices have been over-printed with the bank account details as registered, if any, with the depositories. The Equity Shares allotted to the successful allottees have been uploaded on or before October 23, 2017 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is in the process of filing the Listing application with BSE and NSE on or before October 24, 2017. Our Company is taking steps to get the Equity Shares admitted for trading on the BSE and NSE within 6 working days of the closure of the Issue. All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated October 17, 2017.

INVESTORS PLEASE NOTE
The details of the allotment made will be hosted on the website of the Registrar to the Offer, Karvy Computershare Private Limited at http://www.karisma.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ Sole applicant, Serial number of the Bid-Cum-Application form, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below

Karvy Computerehare Private Limited
Karvy Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad - 500 032.
Tel: (91 40) 6716 2222; Fax: (91 40) 2343 1551; E-Mail: gic.ipo@karvy.com
Investor Grievance E-Mail: einward.rti@karvy.com; Website: https://karisma.karvy.com
Contact Person: Mr. Muralikrishna; SEBI registration no: INR000000221

Place : Mumbai
Date : October 23, 2017

For GENERAL INSURANCE CORPORATION OF INDIA
On behalf of the Board of Directors
Sd/-
Company Secretary and Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF GENERAL INSURANCE CORPORATION OF INDIA.