Public insurers New India Assurance, GIC hire banks to manage IPO process

Public insurers New India Assurance, GIC hire banks to manage IPO process

New India Assurance Co. Ltd (NIA) and General Insurance Corp. of India Ltd (GIC) have hired investment banks to manage their initial public offerings (IPOs) as the government seeks to pare its stake in the state-run insurers, according to three people aware of the development.

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