The government can also exercise the oversubscription option to additionally sell another 5.26 crore shares, representing another 3% stake in the company for the OFS that opens for retail investors and employees on Wednesday (June 17).This collectively brings the total offer size to 8.77 crore shares, or a 5% equity stake in the general insurance company.
At the floor price of Rs 352 per share, this would be worth more than Rs 3,087.74 crore.Also Read | Nilesh Shah bats for minimum qualifying criteria for F&O trading after Maharashtra man kills family, self over Rs 1.8 cr lossThe latest stake sale comes as the government recently ramped up its disinvestment efforts.
Recently, the government offloaded some of its stake in Coal India, NHPC, NLC India and other PSU companies.The government planned to sell 10% of its stake in the insurer in tranches to meet the market regulator's minimum public shareholding norm, Reuters reported in 2024. Of this, the government already sold a 3.4% shareholding in September 2024.GIC shareholding patternThe President of India owned more than 82% stake in GIC as of March 31, 2026, according to data on the company’s shareholding pattern on NSE.
Life Insurance Corporation of India (LIC) meanwhile held around 10% stake, while 22 mutual funds held around 1.5% stake.
