The Secretary, Department of Investment and Public Asset Management, under Finance Ministry, wrote on its official X account, “Offer for Sale of equity in General Insurance Corporation of India (GIC) opens tomorrow for non-retail investors. Retail investors can bid on 17.06.2026. Government offers to disinvest 2 per cenr equity in the GIC with an additional 3 per cent as green-shoe option.”
New Delhi:Hitting the market for the third time to disinvest GIC Re’s share, the government plans to sell up to a 5 per cent stake in GIC Re via an offer for sale (OFS).
The OFS opens for non-retail investors on June 16 and for retail investors on June 17.
The floor price for the offer will be Rs 352 per equity share,which is roughly 9.1 per cent less than the company’s previous close on Monday.
The OFS includes a base offer of up to a 2 per cent equity stake in GIC, with an option to sell an additional 3 per cent if the issue is oversubscribed.
The Secretary, Department of Investment and Public Asset Management, under Finance Ministry, wrote on its official X account, “Offer for Sale of equity in General Insurance Corporation of India (GIC) opens tomorrow for non-retail investors. Retail investors can bid on 17.06.2026. Government offers to disinvest 2 per cenr equity in the GIC with an additional 3 per cent as green-shoe option.”
The floor price is set at Rs 352, a discount of about 9.1 per cent to the company’s last close on Monday.
The government plans to offload 10 per cent of its stake in the insurer in tranches to meet the market regulator’s minimum public shareholding norm.
Of this, the government already sold a 3.4 per cent shareholding in September 2024.
The government holds 82.4 per cent in the insurer as of March 31, according to data compiled by LSEG.
Shares of GIC closed 2.55 per cent higher at Rs 388.35 on the BSE. The floor price is at a discount of 9.36 per cent over Monday’s closing price.
The government also has other major disinvestment initiative in the pipeline. These include the long pending strategic sale of IDBI and potential future stake dilution in Life Insurance Corporation to meet regulatory public shareholding requirement and broader investor participation.
The government has already raised Rs 13,389 crore through public sector units’ stake sales in the current fiscal. This includes Rs 5,542 crore from Coal India, Rs 4,357 crore from NHPC, Rs 2,266 crore from Central Bank of India and Rs 1,223 crore from NLC India.
The government hopes to exceed the budgeted target of Rs 80,000 crore from PSU disinvestment and asset monetisation in the current fiscal.