The Indian Government is set to pare its holding in General Insurance Corporation (GIC) by as much as 5% through an offer for sale, according to a stock exchange filing by the state-owned insurer.
The share sale consists of an initial offer of up to 2% of GIC’s equity, along with a provision to sell a further 3% in the event of oversubscription.
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A floor price of Rs352 per share ($3.72) has been fixed for the transaction, representing a discount of roughly 9.1% to the company’s closing price on 15 June 2026.
The offer opens to non-retail investors on 16 June, while retail investors can participate from 17 June.
The filing also said that up to 20,000 equity shares of the company may be offered to eligible employees of the company, in accordance with the terms and conditions provided in the offer for sale guidelines, subject to approval from the competent authority.
The eligible employees may apply for equity shares amounting to up to Rs500,000 each.
Reuters reported in 2024 that India intended to reduce 10% of its stake in the insurer in phases in order to comply with the market regulator’s minimum public shareholding requirement.
The government had already sold a 3.4% stake in September 2024.
As of 31 March, the government owned 82.4% of the insurer, the news agency added, citing the London Stock Exchange Group.
In April this year, the Indian Union Cabinet cleared the establishment of a domestic maritime insurance arrangement, the Bharat Maritime Insurance Pool, supported by a sovereign guarantee of Rs129.8bn.
