General Ins. Corpn.

Rewrites paragraph 1 & 2

Sept 11 (Reuters) - National Stock Exchange of India NSEI.NS is seeking a valuation of up to 4.42 trillion rupees ($46.31 billion) through its long-awaited IPO, which launches next week and could rank among India's biggest-ever listings.

NSE set a price band of 1,700-1,785 rupees ($17.81-$18.70) per share for the IPO, a public filing showed early Friday. The targeted valuation, at the top of the range, would make NSE one of the country's most valuable companies and within reach of Nasdaq NDAQ.O and London Stock Exchange Group LSEG.L.

India's largest bourse had on Thursday cut the size of its IPO by more than 15% as some top investors trimmed the number of shares they intended to sell, which a source told Reuters was primarily on account of a lower-than-expected price band.

The $2.36 billion IPO will likely trail an upcoming offering by billionaire Mukesh Ambani's Reliance Jio expected to raise $3.8 billion and Hyundai Motor India's HYUN.NS $3.3 billion issue in 2024.

The offering comes after years of delays and at a time when India's IPO market is regaining momentum after a sluggish start to the year.

NSE's share sale will open for subscription on September 17 and close on September 21, with anchor investor bidding scheduled for September 16. The stock is expected to list on or about September 24.

NSE, the country's biggest exchange by trading volumes, dominates the derivatives market and has benefited from a surge in retail trading in the world's most populous country.

PRICING LOWER THAN EXPECTED

NSE is not selling new shares in the IPO and will not receive proceeds. Existing investors including State Bank of India SBI.NS and Canada Pension Plan Investment Board are offloading a total 126.4 million shares, down from the 148.91 million planned earlier.

SBI is selling the most shares at about 16 million, while its unit SBI Capital Markets was added to the list of selling shareholders. MS Strategic (Mauritius) - a Morgan Stanley fund, is selling 31% fewer shares at 11 million.

The primary reason for the reduced share sales is the lower-than-expected price band, with shareholders believing they will get a better valuation in the secondary market post listing, a source told Reuters on Thursday ahead of the official pricing announcement.

In an informal market where unlisted shares of NSE trade, the price has ranged from 2,000 rupees to 2,100 rupees, according to recent deals.

Tighter market rules have weighed on the likely pricing of the issue, three sources said.

The Securities and Exchange Board of India last year announced tighter curbs on retail participation in the options trading market. Tighter bank funding curbs, higher taxes on derivatives trading and India's newly launched closing auction session have also weighed on trading volumes.

In the quarter ended June 30, NSE's net profit rose 6.7% to 31.2 billion rupees, while revenue from operations rose 13% to 45.6 billion rupees.

($1 = 95.4400 Indian rupees)

(Reporting by Chandini Monnappa, Kanjyik Ghosh, Vivek Kumar M, Chris Thomas; Editing by Diti Pujara and Shailesh Kuber)

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Aug 13 (Reuters) - General Insurance Corporation of India GENA.NS:

• JUNE-QUARTER PAT 19.22 BILLION RUPEES

• Q1 NET PREMIUM EARNED 110.81 BILLION RUPEES

Source text: ID:nBSE3b2CmL

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

• GENERAL INSURANCE CORPORATION OF INDIA - APPOINTS RAJESH LAHERI AS CFO EFFECTIVE 18 JUNE 2026

• GENERAL INSURANCE CORPORATION OF INDIA - V. BALKRISHNA STEPS DOWN AS CFO EFFECTIVE 18 JUNE 2026

Source text: ID:nNSE1xQgp8

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June 16 (Reuters) - General Insurance Corporation of India GENA.NS:

• GENERAL INSURANCE CORPORATION OF INDIA - INDIA GOVERNMENT APPOINTS HITESH RAMESHCHANDRA JOSHI AS CHAIRMAN-CUM-MD

Source text: ID:nBSE1BDTmX

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The Government of India will sell up to 5% of its stake in General Insurance Corporation of India through an offer for sale on stock exchanges. The base offer comprises 2% of equity shares, with an oversubscription option of an additional 3%, set at a floor price of ₹352 per share. Non-retail investors may bid on June 16, while retail investors and employees can bid on June 17, with no discount offered. The transaction is intended to meet minimum public shareholding norms prescribed by securities regulations. The seller has the right to cancel or withdraw the offer if sufficient demand is not received at or above the floor price.

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May 15 (Reuters) - General Insurance Corporation of India GENA.NS:

• APPROVAL FOR FUND INFUSION OF $49 MILLION FOR MALAYSIA BRANCH

Source text: ID:nBSE8CPr27

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By Ashwin Manikandan and Jayshree P Upadhyay

MUMBAI, Jan 29 (Reuters) - Some of the world's biggest reinsurers, including Lloyd's of London, are seeking Indian regulatory approval to operate in a low-tax city set up in the prime minister's home state to try to rival other international financial hubs, two sources said.

The global companies, which also include South Korea’s Samsung Re, Kenya Re and Spain’s Mapfre Re, will join more than a dozen global reinsurers from Europe, the Middle East and Asia that are turning to the new city to gain access to India's $129.78 billion insurance market, estimated by the industry to be the tenth largest in the world.

The two sources, who spoke on condition of anonymity because they were not authorised to speak to the press, said the companies were expected to seek approval this year.

Email queries sent to Mapfre Re, Samsung Re and Kenya Re were not answered. A Lloyd’s of London spokesperson declined to comment. The companies' plans to set up operations in the Gujarat International Finance Tec‑City, or GIFT City, have not been previously reported.

The city offers businesses favourable tax treatment, such as a 10-year tax holiday and exemption from capital gains.

The government has said it hopes it will rival Singapore and Dubai as an international financial centre.

India's reinsurance market is currently dominated by Swiss Re and Munich Re, as well as private firms and the government-owned GIC Re that is widely expected to grow after the government introduced reforms to deepen India's insurance penetration.

SAUDI RE AND OTHERS HAVE RECEIVED APPROVAL

A few large reinsurers have received approvals over the last year to begin operating in GIFT City. These include Saudi Re, Korean Re, Peak Re, Kuwait Re, Abu Dhabi National Insurance and Kazakh‑based Eurasia Insurance Company JSC, according to regulatory officials and company statements.

Saudi Re earlier this week opened its GIFT City branch, its second in Asia after Malaysia.

Korean Re has said its expansion reflected its commitment to India’s high growth insurance sector, while Hong Kong‑based Peak Re, which received a licence in March 2025, said it plans to offer life and non-life insurance.

About 14 global reinsurers operate from GIFT City, managing an annualised $700–800 million in premiums, public disclosures show.

The number of reinsurers is expected to increase to at least 20 by the end of March 2026, two regulatory officials said, declining to be identified as final approvals are pending.

They said the international reinsurers sought to offer products that are relatively underdeveloped in India, including surety bonds, parametric insurance, marine and shipping cover, cyber risk and health reinsurance.

Apart from favourable tax treatment, the international reinsurers operating from GIFT City can follow the solvency norms of their home regulators rather than those prescribed by India.

Indian reinsurers are required to maintain a minimum solvency ratio of 150% to ensure they can settle claims even in extreme circumstances. Global requirements tend to be lower.

“With a globally aligned regulatory framework and enabling reforms, we are seeing growing interest from global reinsurers in the GIFT IFSC opportunity,” Dipesh Shah, executive director at the regulator for financial services at GIFT City told Reuters.

He declined to share details on reinsurers seeking to set up operations in the city.

($1 = 91.9020 Indian rupees)

(Reporting by Ashwin Manikandan and Jayshree P. Upadhyay in Mumbai; editing by Barbara Lewis)

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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

Source text: ID:nNSE6db7ly

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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

Source text: [ID:]

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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

Source text: [ID:]

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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

Source text: [ID:]

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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

Source text: ID:nBSE3f5SPM

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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

Source text for Eikon: ID:nBSE3lx5yN

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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

Source text for Eikon: ID:nNSE9tnpvQ

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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

Source text for Eikon: [ID:]

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

• CENTRAL GOVERNMENT APPOINTED RAMASWAMY NARAYANAN AS CHAIRMAN-CUM MD

Source text for Eikon: ID:nBSE3RSvmt

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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

Source text for Eikon: ID:nBSE7WyDMj

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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

Source text for Eikon: ID:nBSE9Yk2fM

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