Which the public general insurance companies will be merged into single insurance company as per budget 2018-19?
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In 2017, the government listed two state-owned insurers—New India Assurance Company Ltd and General Insurance Corporation of India—on 13 November and 25 October, respectively. These stocks are down 17.50% and 16.67% respectively from their offer price.
To be sure, analysts had flagged the stretched valuations of these initial public offerings, and the shares slid post listing.
The Indian equity market’s largest institutional investor, Life Insurance Corporation of India (LIC), had bought 8.42% and 8.67% stake respectively in General Insurance Corp. and New India Assurance Co. during their IPOs.
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