Shares of New India Assurance rallied as much as 14.2% to an intraday high of Rs 188.50 on the BSE on Thursday after the National Stock Exchange (NSE) filed its Draft Red Herring Prospectus (DRHP) with Sebi for its long-awaited initial public offering (IPO), which is expected to be one of the largest listings in India's capital market history.
According to the DRHP, the government-owned insurer will offload more than 1 crore NSE shares through the offer-for-sale. The total acquisition cost of these shares stands at Rs 33.60 lakh.
