In a major decision on divesting stake in state-run general insurance companies, the cabinet on Wednesday approved the public listing of 5 firms by which the government's shareholding in them would be brought down to 75 per cent.

"In a major decision on the five general insurance companies - New India Assurance Co, United India Insurance, Oriental Insurance, National Insurance Company and the holding General Insurance Corporation - the cabinet decided that all these would be publicly listed," Finance Minister Arun Jaitley told reporters here after a cabinet meeting. 

"With the public listing in more than one tranche under SEBI and IRDA guidelines, the government holding is to be brought down to 75 per cent," he added.