India to divest up to 5% in GIC through offer for sale

The Indian Government is acceptable to pare its holding successful General Insurance Corporation (GIC) by arsenic overmuch arsenic 5% done an connection for sale, according to a banal speech filing by the state-owned insurer. 

The stock merchantability consists of an archetypal connection of up to 2% of GIC's equity, on with a proviso to merchantability a further 3% in the lawsuit of oversubscription. 

A level terms of Rs352  per stock ($3.72) has been fixed for the transaction, representing a discount of roughly 9.1% to the company's closing terms on 15 June 2026.  

The connection opens to non-retail investors connected 16 June, portion retail investors tin enactment from 17 June. 

The filing besides said that up to 20,000 equity shares of the institution whitethorn beryllium offered to eligible employees of the company, successful accordance with the presumption and conditions provided successful the connection for merchantability guidelines, taxable to support from the competent authority.  

The eligible employees whitethorn use for equity shares amounting to up to Rs500,000 each.

Reuters reported successful 2024 that India intended to trim 10% of its involvement successful the insurer successful phases in bid to comply with the marketplace regulator's minimum nationalist shareholding requirement. 

The authorities had already sold a 3.4% involvement successful September 2024. 

As of 31 March, the authorities owned 82.4% of the insurer, the quality bureau added, citing the London Stock Exchange Group. 

In April this year, the Indian Union Cabinet cleared the constitution of a home maritime security arrangement, the Bharat Maritime Insurance Pool, supported by a sovereign warrant of Rs129.8bn. 

"India to divest up to 5% successful GIC done connection for sale " was primitively created and published by Life Insurance International, a GlobalData owned brand.