Government to Offer Up to 5% Stake in GIC at Rs 352 per Share; Offer Period Begins June 16

The Government of India has announced plans to divest up to 5% of its stake in General Insurance Corporation of India (GIC) through an offer for sale. This process is scheduled to begin on June 16 for institutional investors, with shares priced at a floor of Rs 352 each. The government aims to raise approximately Rs 3,000 crore through this sale.

Following the institutional round, retail investors will have the opportunity to participate in the offer starting June 17. This divestment is part of the government’s ongoing strategy to enhance liquidity in the market and encourage greater participation from both institutional and retail investors in public sector undertakings.

General Insurance Corporation of India, established in 1972, is a leading player in the insurance sector, providing a wide range of insurance products and services. The decision to divest comes as part of a broader government initiative to reduce its ownership stake in various public sector enterprises, which has been gaining momentum amid the push for privatization and increased investment in the countrys economy.