GICRE

By Nikunj Ohri

NEW DELHI, Dec 15 (Reuters) - The Indian government held road shows in London to assess investor interest for a minority stake sale in state-run General Insurance Corp of India (GIC) GENA.NS, two government sources familiar with the matter told Reuters.

India plans to sell a total of 10% stake in the insurer in tranches to meet the market regulator's minimum public shareholding norm, Reuters reported last year. Out of this, the government offloaded its 3.4% shareholding in the insurer in September 2024.

Officials from the Department of Investment and Public Asset Management (DIPAM) travelled to London to meet investors and seek feedback, one of the sources said.

India's finance ministry did not immediately respond to a Reuters request for comment.

The government currently holds an 82.4% stake in GIC, according to official data, while the insurer's shares were trading about 3.5% below the offer-for-sale price set in last year's government share sale. As per the market regulator's rules, all listed Indian companies are required to maintain a minimum public shareholding of 25%.

The government remains committed to its privatisation and minority stake-sale plans, but the pace has slowed over the past two years. Divestment receipts stood at 175 billion rupees ($1.93 billion) in 2024/25 and as on date for this fiscal year, according to government data.

Minority stake sales help bolster the government's divestment proceeds, and India aims to raise 470 billion rupees through stake sales and asset monetisation in the current financial year through March 31, 2026.

($1 = 90.7700 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Rashmi Aich)

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Oct 24 (Reuters) - General Insurance Corporation of India GENA.NS:

• GOVERNMENT APPOINTS HITESH RAMESH CHANDRA JOSHI AS CMD FOR 3 MONTHS

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Aug 7 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA JUNE-QUARTER CONSOL PROFIT 25.31 BILLION RUPEES

• GENERAL INSURANCE CORPORATION OF INDIA JUNE-QUARTER NET PREMIUM EARNED 112.74 BILLION RUPEES

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Feb 3 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA DEC-QUARTER CONSOL PROFIT 16.77 BILLION RUPEES

• GENERAL INSURANCE CORPORATION OF INDIA DEC-QUARTER CONSOL NET PREMIUM EARNED 84.78 BILLION RUPEES

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Jan 31 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE - GOT DEMAND ORDER FOR TAX LAIBILITY 37.9 MILLION RUPEES

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Nov 12 (Reuters) - General Insurance Corporation of India GENA.NS:

• SEPT-QUARTER CONSOL PAT 18.65 BILLION RUPEES

• SEPT-QUARTER CONSOL NET PREMIUM EARNED 88.86 BILLION RUPEES

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Sept 4 (Reuters) -

• INDIA GOVERNMENT TO EXERCISE OVERSUBSCRIPTION OPTION IN INSURER GIC STAKE SALE - EXCHANGE FILING

• INDIA GOVERNMENT EXERCISING OVERSUBSCRIPTION OPTION IN GIC STAKE SALE UP TO 5 MILLION SHARES - EXCHANGE FILING

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Adds details of stake sale, background throughout

BENGALURU, Sept 3 (Reuters) - The Indian government has proposed to offload a stake of about 6.8% in General Insurance Corp of India (GIC) GENA.NS, an exchange filing showed on Tuesday.

The sale will made at a floor price of 395 rupees per share, as per the filing, a 6.3% discount to Tuesday's closing price. The Indian government currently owns more than 85% stake in the insurer.

The proposal comes months after a source told Reuters that the government is open to selling a minority stake in insurers GIC and Life Insurance Corporation of India (LIC) LIFI.NS in the year ending 2025 following an assessment of investor appetites.

"The government has received good feedback in investor roadshows for GIC, and is open to sell its 10% stake in tranches depending on its shares' value," the government official had said at the time.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)

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Aug 9 (Reuters) - General Insurance Corporation of India GENA.NS:

• JUNE-QUARTER CONSOL PROFIT 14.01 BILLION RUPEES

• JUNE-QUARTER CONSOL TOTAL INCOME 120.04 BILLION RUPEES

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General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA - GETS ORDER FOR TOTAL TAX DEMAND AT 600.2 MILLION RUPEES

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NEW DELHI, April 19 (Reuters) - The Indian government is open to a minority stake sale in General Insurance Corporation of India GENA.NS and Life Insurance Corporation of India LIFI.NS in financial year 2024/25 after assessing investor appetite, a government source told Reuters.

(Reporting by Nikunj Ohri
Editing by Ros Russell)

Nov 9 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA SEPT-QUARTER PAT 16.05 BILLION RUPEES VERSUS PROFIT 18.60 BILLION RUPEES

• GENERAL INSURANCE CORPORATION OF INDIA SEPT-QUARTER NET PREMIUM EARNED 99.58 BILLION RUPEES VERSUS 87.64 BILLION RUPEES

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Sept 18 (Reuters) - General Insurance Corporation of India GENA.NS:

• CENTRAL GOVERNMENT APPOINTED RAMASWAMY NARAYANAN AS CHAIRMAN-CUM MD

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Aug 10 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA JUNE-QUARTER PAT 7.32 BILLION RUPEES VERSUS 6.9 BILLION RUPEES

• GENERAL INSURANCE CORPORATION OF INDIA JUNE-QUARTER NET PREMIUM EARNED 86.33 BILLION RUPEES VERSUS 107.36 BILLION RUPEES

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May 25 (Reuters) - General Insurance Corporation of India GENA.NS:

• MARCH-QUARTER PAT 25.64 BILLION RUPEES VERSUS 17.95 BILLION RUPEES

• MARCH-QUARTER NET PREMIUM EARNED 76.59 BILLION RUPEES VERSUS 86.22 BILLION RUPEES

• DIVIDEND 7.20 RUPEES PER SHARE

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