Insta
Cabinet Approves Reduction Of Government Stake In Five General Insurance Firms To 75 Per Cent
Swarajya Staff
Jan 18, 2017, 03:26 PM | Updated 03:26 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
In a major decision on divesting stake in state-run general insurance companies, the cabinet today (18 January) approved the public listing of five firms. The government's shareholding in them as a result would fall to 75 per cent.
Finance minister Arun Jaitley told reporters after a cabinet meeting,
In a major decision on the five general insurance companies - New India Assurance Co, United India Insurance, Oriental Insurance, National Insurance Company and the holding General Insurance Corporation - the cabinet decided that all these would be publicly listed.
With the public listing in more than one tranche under SEBI and IRDA guidelines, the government holding is to be brought down to 75 per cent.
Announcing this Cabinet decision on Twitter, Principal Spokesperson of the Government of India Frank Noronha tweeted saying,
#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) January 18, 2017
With inputs from IANS
Get Swarajya in your inbox.
Magazine
