Briefing on Cabinet and CCEA decisions by Union Ministers Arun Jaitley and Ravi Shankar Prasad (PIB India/Twitter)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,
With inputs from IANS
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