“Pursuant to the applicable provisions of the SEBI (LODR) Regulations, we advise that Executive Committee of Central Board (ECCB) in its meeting held today on August 9, 2018, has accorded approval to explore and initiate the process of divestment up to 4 percent of stake of SBI in SBI General lnsurance Company Limited to a non-promoter entity through Small Parcel Share Sale (SPSS),” SBI said in a filing to the stock exchanges.

Growth is forecast to rise to 7.3 per cent in fiscal year 2018/19 and 7.5 per cent in 2019/20 on strengthening investment and robust private consumption, the report said.

Puzzled at this sudden drop of the proposal from Goyal,the CMDs of the general insurance companies,who had their first meeting with the acting FM, had checked with the  ministry of finance(MoF) about the Goyal’s new proposal. And, in turn they were advised by the MoF that the status quo,ongoing proposal to merger three companies, should be maintained till Arun Jaitley, who is on leave for treatment and is likely to join his previous job as finance minister on Aug 14, resumes his office

The acquisition of controlling stake by the LIC, it added, would be through preferential issue/open offer of equity, subject to regulatory approval and compliance with laws.Post the transaction, IDBI Bank would become a subsidiary of LIC, which will have 51 percent stake in it

Sources said that when he is ready to resume duties, an order from the president’s office, based on the recommendation of the government, will be issued allocating the finance portfolio to him.

Mohit Talwar, Managing Director, Max Financial Services said: “The quality of the business across several parameters remains top quartile. The robust growth in embedded value and value of new business (of Max Life) reflects strong fundamentals in the existing business and a continued focus on profitable new business.”