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GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in fiscal 2017 General Insurance Corporation  of India Limited (GIC Re’s) initial public offer (IPO) opens today for subscription. The company aims to garner over Rs 11,000 crore. The price band has been fixed at Rs 855 – Rs 912 per share. The IPO would be India’s third biggest ever, after Coal India’s Rs 15,200 crore and Reliance Power’s Rs 11,700 crore issues. The IPO consists of an offer for sale (OFS) of 10.75 crore shares (12.5% stake pre-issue) worth Rs 9,804 crore at the higher price band and a fresh issue of 1.72 crore shares worth Rs 1,569 crore. The amount raised from the fresh issue will be used for augmenting the capital base to support future business growth and to maintain current solvency levels. ALSO READ:   MARKETS LIVE: Sensex up 100 pts, Nifty tests 10,050; Q2 earnings in focus GIC Re is the largest reinsurance company in India in terms of gross ...

Uber set to merge Chinese business with Didi Chuxing: Report In a move that marks the end of intense rivalry in the ride-hailing market in China,   Uber Technologies will merge its Chinese business with   Didi Chuxing , news agency   Bloomberg reported on Monday. Didi is the dominant app-based taxi aggregator in the country. The valuation of the combined entity is $35 billion, the report added, citing people familiar with the development. As per the new structure, investors in   Uber China   — a company owned by Uber and other investors — will have 20% stake in the merged firm. Meanwhile, Didi will be making an investment of $1 billion in Uber at a valuation of $68 billion. “As an entrepreneur, I’ve learned that being successful is about listening to your head as well as following your heart,” Travis Kalanick, chief executive officer of Uber, wrote in a blog post What happens next? (Read More)