General Insurance Corporation stake sale oversubscribed by 108.5% on first day


The bids for the offer for sale (OFS) of General Insurance Corporation of India (GIC) was oversubscribed by 108.5% on its first day, according to data from Bombay Stock Exchange.

“Offer for sale in GIC got positive response today from non-retail investors. The issue subscribed 1.08 times the base size. The government has decided to exercise the greenshoe option. Retail investors and employees of the GIC will get a chance to bid tomorrow” said the Secretary of Disinvestment and Public Asset Management (DIPAM) in a post on X.

The first day of the two-day bid was open only for non-retail participants. The Ministry of Finance opened bids for OFS to sell 6.7% stake in public sector re-insurer General Insurance Corporation of India (Re) for ₹4,701 crore, according to its regulatory filings. A total of 11.9 crore equity shares are to be sold at a floor price of ₹395 per share. Bids for retail investors will be open on September 5, the last day of the bid.

IDBI capital markets, SBICAP securities, Bank of Baroda and Elara Capital are the brokers responsible for executing the OFS.