At the newly announced price band of Rs 1,700-1,785 per share, the IPO is estimated to raise Rs 21,494-22,569 crore. This is significantly lower than the earlier estimate of around Rs 30,000 crore

The proceedings were initiated after the regulator took suo-motu cognizance of a social media post and had issued a show cause notice and sought explanations from the insurer in March this year