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Indian government scouts banks to manage IPOs of 2 insurers

The Indian government is seeking bids from banks to manage the public listing of General Insurance Corp. of India and New India Assurance Co. Ltd., The Hindu Business Line reported March 27.

The government plans to list a 10% stake in each insurer although it has not made a final decision yet, sources told the publication. The Indian government fully owns both companies.

The Department of Investment and Public Asset Management said interested banks may bid to act as lead managers. Bids are due in April and the appointment may be made by the end of May.

The two insurers are expected to be publicly listed in the first half of fiscal 2017-2018, depending on market conditions.