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New India Assurance would be one of the first public sector insurance companies to list itself on the stock market, a top official of the company said.
Preferring silence on the issue of whether there would be a merger of the four public sector general insurance companies, G Srinivasan, Chairman-cum-Managing Director, New India Assurance, said the company is gearing up to hit the market.
“This, however, awaits the Cabinet nod. We are expecting approval in about a month's time and then, say in six to nine months, we will come up with our initial public offering, depending on the market condition.”
On details about the size of the issue and so on, Srinivasan said the company is “waiting for clear approvals. We have made some suggestions, but I cannot disclose details.”
It may be recalled that in 2012, the Insurance Regulatory and Development Authority of India (IRDA) had issued IPO guidelines for general insurers, where it stated that the regulator would take into account the insurer's financial position, capital structure and regulatory record before permitting them to come out with a share sale.
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