Govt to sell 25% stake in general insurance companies:FM Jaitley

The Cabinet on Wednesday approved plans to divest a 25 percent stake in each of the five fully-owned public sector general insurance companies by listing these on stock exchanges. The move will unlock a huge amount of value for the government and could increase investor appetite for private sector insurer IPOs that may follow. It may also foreshadow a listing for the Life Insurance Corporation of India, potentially the country’s most valuable company. Finance minister Arun Jaitley told a news conference that all the five state-owned general insurance companies -- New India Assurance, Oriental Insurance, National Insurance, United India Insurance and national reinsurer General Insurance Company will be listed on stock exchanges by way of issue of fresh shares or offer for sale (OFS).

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