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GIC to launch $1.44 billion IPO in September

14th June 2017 - Author: Staff Writer

The General Insurance Corporation of India (GIC) is expected to launch its $1.44 billion (Rs 9,000 crore) initial public offering (IPO) from September to October, money control news reported.

This represents a 10% company stake sale issue by the Indian government.

India map and flagGIC reported a gross premium for the financial year at Rs 33,585 crore, and a fiscal year (ending March 2017) profit growth of 9.8% to Rs 3,127 crore.

The firm’s total assets for the year increased by 19 % to Rs 94,949 crore compared with Rs 79,733 crore last year.

The IPO is part of a move to divest following the government’s 2017 Union Budget.

RMS

Money control said the government is hoping to raise Rs 72,500 crore through stake sale in public sector enterprises during the current fiscal.

GIC of India has acted as the sole reinsurance company in the Indian insurance market since the country’s 2003 government reforms until the insurance market opened up to foreign reinsurance players late last year.

The Indian reinsurance giant has pursued a strategy of global diversification and expansion of operations with branches in  London, Moscow, Dubai and Kuala Lumpur and plans to open units in additional regions.

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