Listing of general insurance companies starts

The government has started the process of the listing of General Insurance Corporation of India and New India Assurance Company by seeking bids from merchant bankers to manage the issue.

The department of investment and public asset management (DIPAM) has floated requests for proposals to pick the book-running lead managers for the two IPOs.

Though the amount of stake sale has not yet been decided, sources said it was likely to be about 10 per cent each. The government, which fully own these entities, plans to dilute its stake in tranches in line with market regulator Sebi’s listing requirements.