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The Finance Ministry is planning to come out with the share sale offer of two recently listed insurance companies -- GIC and New India Assurance. State-owned reinsurer General Insurance Corporation of India (GIC) was listed on the bourses in October last year, while New India Assurance Company Ltd made its stock market debut in November last year.
The Department of Investment and Public Asset Management (DIPAM) on Thursday invited expressions of interest (EoIs) from merchant bankers and brokers for managing the offer-for-sale. Merchant bankers, who can bid singly or as a consortium, can apply for assisting the government in the stake sale process by December 7, 2018.
New India Assurance had raised Rs 9,600 crore via initial public offering and had priced its shares at Rs 770-800 apiece. Shares of New India Assurance ended up by 0.59 per cent at Rs 220.85 on the BSE. GIC had raised Rs 11,370 crore through its IPO which was priced at Rs 855-912 apiece. Shares of GIC ended down by 0.13 per cent at Rs 310 on the BSE.
So far in the current fiscal, the government had raised over Rs 15,200 crore through PSU stake sale. The budgeted disinvestment target for the fiscal is Rs 80,000 crore.
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