The Finance Ministry plans to sell a 6.78% stake in General Insurance Corporation of India (GIC Re) through an offer-for-sale (OFS), aiming to raise approximately Rs 4,700 crore.
The sale will begin on Wednesday for non-retail investors, with retail investors and GIC employees able to bid on Thursday. The government will divest 3.39% equity with an additional 3.39% as a green shoe option. The floor price is expected to be Rs 395 per share, around 6% below the current market price of Rs 420.8. The government's current stake in GIC Re is 85.78%.