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New Delhi, Jan 18:

In a major decision on divesting stake in state-run general insurance companies, the cabinet on Wednesday approved the public listing of 5 firms by which the government’s shareholding in them would be brought down to 75 per cent.

arun-jaitley

“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,” Finance Minister Arun Jaitley told reporters here after a cabinet meeting.

“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,” he added. (IANS)