General Insurance Corporation (GIC Re) is likely to be the first PSU insurer to tap the capital market as the Finance Ministry has started scouting for merchant bankers to manage its IPO.
Two months after the Union Cabinet gave a go ahead to the listing of five general insurance companies, the Department of Investment and Public Asset Management (DIPAM) has set the ball rolling for listing of GIC Re.
The government holds 100 per cent stake in GIC Re, which provides reinsurance support to 54 general and life insurance companies, both public and private, in the Indian market.
