The Indian government will divest 5% equity in GIC Re through an offer-for-sale (OFS) for non-retail investors and retail investors this week.
The announcement for the sale was made by the Department of Investment and Public Asset Management Secretary Arunish Chawla, on his official X account. The OFS will open for non-retail investors on 16 June, while retail investors and eligible employees of the company can place bids on 17 June.
The floor price is set at INR352 ($3.72), a discount of about 9.1% to the company’s last close on the Indian stock exchange on the 15 June. The government plans to offload 10% of its stake in the reinsurer in tranches to meet the market regulator’s minimum public shareholding norm. It will initially divest 2% equity in the company, with an additional 3% stake available under a green shoe option. The government had in September 2024 sold ?a ?3.4% stake in the reinsurer. As of 31 March 2026, the government holds 82.4% stake in the reinsurer.