The Cabinet Committee of Economic Affairs (CCEA) has given its nod to list all the five state-run general insurance companies, Finance Minister Arun Jaitley said while addressing the media in New Delhi today.
“The Cabinet has decided to approve listing of state run GIC,” Jaitley said.
The government will cut its holding from 100% in the five state-run general insurance companies to 75%.
The five state-run General Insurance Companies are:
New India Assurance Company
National Insurance Company
Agricultural Insurance Company of India
The Oriental Insurance Co Ltd
United India Insurance Company
Frank Noronha, Principal Spokesperson of the Government of India, said, “The CCEA has given an in-principle approval for listing 5 Government-owned General Insurance Companies in stock”
#CCEA has given in-principle approval for listing 5 Government owned General Insurance Companies in stock exchanges.
— Frank Noronha (@DG_PIB)
He added, “Shareholding of these Companies will be divested from 100 % to 75%.”
#CCEA #Insurance 2 : Shareholding of these Companies will be divested from 100 % to 75 %
— Frank Noronha (@DG_PIB)
#CCEA #Insurance 3: Listing will open way for the companies to raise resources from the capital market to meet their fund requirements
— Frank Noronha (@DG_PIB)
Source: dnaindia.com