GIC Re, 4 other insurers to be listed soon on bourses

Jaitley-Gadkari panel delegated authority to clear further details

The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, approved the market listing of all five government-owned general insurance companies (GICs), namely New India Assurance, United India Insurance, Oriental Insurance, National Insurance and General Insurance Corporation of India (GIC Re). 

The initial public offer of equity would be through either issue of new shares or offloading of existing ones through the offer-for-sale route, Finance Minister Arun Jaitley told the media after the Cabinet and CCEA meetings. 

The government has 100 per cent ownership in these companies. 

New Cabinet approval will not be needed before hitting the