General Insurance Corporation of India soars on getting nod to incorporate WOS Company
General Insurance Corporation of India is currently trading at Rs. 404.00, up by 14.30 points or 3.67% from its previous closing of Rs. 389.70 on the BSE.
The scrip opened at Rs. 389.50 and has touched a high and low of Rs. 405.10 and Rs. 389.50 respectively. So far 9058 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 525.00 on 20-Dec-2024 and a 52 week low of Rs. 280.25 on 15-Apr-2024.
Last one week high and low of the scrip stood at Rs. 421.10 and Rs. 363.50 respectively. The current market cap of the company is Rs. 69351.43 crore.
The promoters holding in the company stood at 82.40%, while Institutions and Non-Institutions held 15.50% and 2.10% respectively.
General Insurance Corporation of India has received approval for the incorporation Wholly Owned Subsidiary (WOS) Company by name GIC Re, India Service Company. The said subsidiary will be incorporated in United Kingdom.
The approval from Insurance Regulatory and Development Authority of India (IRDAI) for formation of Wholly Owned Subsidiary shall be sought before making the investment and directives as per Foreign Exchange Management (Overseas Investment) Directions, 2022 shall be complied with. The board of directors of the company at their meeting held on February 3, 2025 has accorded in-principle approval for the same.
General Insurance Corporation of India provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, aviation/space, health, liability, credit and financial and life insurance.
