Cabinet approves listing of shares of public sector GICs

Union Finance Minister Arun Jaitley on Wednesday announced the Cabinet's decision to approve the listing of shares of public sector General Insurance Companies on the stock exchanges through either issue of fresh equity or offer of sale with a combination there off.

Addressing the media along with Union Information and Technology Minister Ravi Shankar Prasad, he said, "CCEA has given in-principle approval for listing five Government-owned General Insurance Companies in stock exchanges."

Jaitley added that the government holding in these companies, as per the SEBI guidelines, will come down to 75 percent from 100 percent at the moment.

The five GIC's to fall under the newly announced scheme are New India Assurance, United India Insurance, Oriental Insurance, National Insurance and General Insurance.

In respect to the Ministry of Micro, Small and Medium Enterprises (MSME), he announced that the assets of credit guarantee trust would be increased from Rs. 2500 to Rs. 7500 crore to improve the funding sources.