While I have been always saying at different forums that even the largest players in Insurance Industry shall have to be privatised and the Govt shall have to Disinvest to meet its Fiscal Consolidation targets.
To start the journey, the State owned Largest Non Life Insurer New India Assurance has been approved by SEBI to come up with their IPO of 12 Crore Shares.
80% of such shares shall be offered by Govt for disinvestment to raise approx Rs 72500 Crore of money to fund it’s deficit. The IPO is estimated to be worth 1 Bn USD.
In the meanwhile an add on information is also that SBI Life is also following the footsteps of coming up with own IPO. The trends and the markets are changing !!
Prepare yourself well to be not taken by surprises!!