Govt to sell up to 5 pc stake in GIC through OFS at Rs 352/share floor price; issue opens June 16

New Delhi, [India] June 15 (ANI): The Government of India will divest up to 5 per cent equity in General Insurance Corporation of India (GIC Re) through an Offer for Sale (OFS), with the issue opening for non-retail investors on June 16 and for retail investors and employees on June 17, according to the Department of Investment and Public Asset Management (DIPAM).

Announcing the transaction on social media platform X, DIPAM Secretary said, "The government will sell up to 5.0 per cent stake in General Insurance Corporation of India (GIC) at a floor price of Rs 352 per share."

The Secretary further said that the "Offer for Sale in General Insurance Corporation of India (GIC) opens on 16.06.2026 (Tuesday) for Non-Retail investors. Retail investors and Employees of GIC can bid on 17.06.2026 (Wednesday)."

Providing details of the stake sale, the Secretary said, "The government will divest 2.0 per cent equity with an additional 3.0 per cent as a green shoe option."

The OFS is part of the government's broader disinvestment and public asset monetisation programme aimed at improving public shareholding in central public sector enterprises while mobilising resources for the exchequer.

The proposed GIC Re stake sale comes against the backdrop of a series of successful OFS transactions undertaken by the Centre in recent months. The government had witnessed strong investor participation in stake sales of Coal India Ltd, NHPC Ltd and Central Bank of India, helping deepen retail ownership and enhance market liquidity in these public sector entities.

The government also has other major divestment initiatives in the pipeline. These include the long-pending strategic sale of IDBI Bank and potential future stake dilution in Life Insurance Corporation of India (LIC) to meet regulatory public shareholding requirements and broaden investor participation.

GIC Re, India's largest reinsurer, plays a key role in providing reinsurance support to domestic insurers and maintaining stability in the country's insurance sector. (ANI)

(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)