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Govt to sell up to 5% GIC Re stake at Rs 352 via OFS June 16
The government will sell up to 5% in GIC Re through an OFS at Rs 352 per share. The offer opens June 16 for non-retail investors. The sale is part of the government's divestment programme.
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The government will sell up to 5% of its stake in General Insurance Corporation of India, or GIC Re, through an offer for sale, or OFS, at a floor price of Rs 352 per share. The OFS opens June 16 for non-retail investors, the government said.
GIC Re is the country's largest reinsurer. The government holds a majority stake in the company. The sale is part of the Centre's disinvestment programme for the current fiscal year, aimed at raising capital to meet expenditure targets.
The floor price of Rs 352 is set below the stock's recent trading level. Investors can bid for shares at the floor or above. The final allotment will depend on the oversubscription level. The government may also offer a discount to retail investors on a subsequent day, though that has not been confirmed.