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(Bloomberg) – General Insurance Corp., India’s largest reinsurer, and its owner will seek as much as 113.7 billion rupees ($1.7 billion) after setting terms for the third-biggest initial public offering on record in the South Asian nation.

GIC will offer 17.2 million new shares at 855 rupees to 912 rupees apiece, according to advertisement published Wednesday in the Financial Express newspaper. Its only shareholder, the Indian government, will sell as many as 107.5 million shares in the IPO. The offering will open on Oct. 11 and close on Oct. 13.

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