The Cabinet on Wednesday gave its "in-principle" approval for listing of all the five general insurance companies - New India Assurance Company Ltd; United India Insurance Company Ltd; Oriental Insurance Company Ltd; National Insurance Company Ltd and General Insurance Company Ltd.
Accordingly, the Centre's shareholding in these companies would be divested from 100 percent to 75 percent in one or more tranches over a period of time, Finance Minister Arun Jaitley told reporters after a Cabinet meeting.
The stake dilution may happen through a combination of fresh issue of shares or offer for sale, he said.
It may be recalled that Finance Minister Arun Jaitley had in budget 2016-17 announced that the general insurance companies owned by the Government would be listed on stock exchanges.
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Insurance companies to be listed
By IndianMandarins - 2017-01-19 09:00:03
The Cabinet on Wednesday gave its "in-principle" approval for listing of all the five general insurance companies - New India Assurance Company Ltd; United India Insurance Company Ltd; Oriental Insurance Company Ltd; National Insurance Company Ltd and General Insurance Company Ltd.
Accordingly, the Centre's shareholding in these companies would be divested from 100 percent to 75 percent in one or more tranches over a period of time, Finance Minister Arun Jaitley told reporters after a Cabinet meeting.
The stake dilution may happen through a combination of fresh issue of shares or offer for sale, he said.
It may be recalled that Finance Minister Arun Jaitley had in budget 2016-17 announced that the general insurance companies owned by the Government would be listed on stock exchanges.
