New Delhi, June 16 (ANI): The General Insurance Corporation of India (GIC Re) witnessed strong investor demand on the first day of its offer for sale (OFS), with the issue oversubscribed 3.72 times, reflecting robust participation from institutional investors.
The subscription window for non-retail investors opened on Tuesday, while retail investors and employees will be able to place bids on Wednesday, June 17, 2026. Additionally, the government will exercise the full green shoe option.
The Department of Investment and Public Asset Management (DIPAM) secretary shared the development on X on Tuesday, stating, “Offer for Sale in General Insurance Corporation of India received an enthusiastic response from investors on day one and was oversubscribed 3.72 times. Government has decided to exercise the entire green shoe option. Retail investors and employees get to bid on Wednesday, June 17, 2026.”
According to an earlier update shared by the DIPAM secretary on X, the Government of India is divesting up to a 5 percent equity stake in GIC Re through the OFS route as part of its ongoing disinvestment program.
The issue has a floor price of Rs 352 per share, as announced by the Department of Investment and Public Asset Management on the social media platform X.
“The government will sell up to a 5.0 percent stake in General Insurance Corporation of India (GIC) at a floor price of Rs 352 per share,” the department said.
The secretary also stated, “Offer for Sale in General Insurance Corporation of India (GIC) opens on June 16, 2026, for non-retail investors. Retail investors and employees of GIC can bid on June 17, 2026.”
Providing details of the stake sale, the secretary said, “The government will divest 2.0 percent equity with an additional 3.0 percent as a green shoe option.”
The OFS is part of the government’s broader disinvestment and public asset monetization program aimed at improving public shareholding in central public sector enterprises while mobilizing resources for the exchequer.
In recent months, the Centre has successfully completed OFS transactions in companies such as Coal India Ltd., NHPC Ltd. and Central Bank of India, which saw strong participation and helped improve liquidity and retail participation in public sector stocks. (ANI)
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