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Report: United India Insurance starts IPO process

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Report: United India Insurance starts IPO process

United IndiaInsurance Co. Ltd. is in the initial stage of debuting its 15billion rupee public offer, with the government likely to divest part of itsshares in the company, Business Standard reportedJuly 15, citing official sources.

The insurer's board has agreed to list the shares and thecompany will go through various processes, including a valuation by an externalagency, the sources said.

The move comes after the Indian government listing the country'sfour public sector general insurance firms as part of efforts to strengthen thefinancial sector. United India Insurance was one of the four public sectorgeneral insurance firms mentioned by Finance Minister Arun Jaitley during thepresentation of the 2016-2017 budget in his proposal to list the fourcompanies.

The government holds about 1.5 billion shares in UnitedIndia Insurance and it will likely divest below 10% of its shares in the firstyear, a source said.

Asof July 14, US$1 was equivalent to 66.87 Indian rupees.