The Centre raised more than ₹3,000 crore from the divestment of 5% stake in General Insurance Corporation of India (GIC Re).More than 8.77 crore shares were sold, by the government of India, for a gross consideration of ₹3,094 crore during the offer for sale (OFS) on June 16 and 17, the reinsurer said in a filing on Friday. Consequent to the OFS, the government’s stake in the company reduced from 82.40% to 77.40%. The floor price of the OFS was set at ₹352 per share.Post the OFS, thanking investors for their participation, Secretary to the Department of Investment and Public Asset Management (DIPAM) Arunish Chawla had posted on X that the OFS closed with enthusiastic response from the investors. The government of India divested 5% per cent stake with full subscription of base and green-shoe offer.The GIC Re OFS is the latest disinvestment exercise this financial year. Prior to the OFS the government has raised ₹13,389.42, since April, from the stake sale in Central Bank of India, Coal India, NHPC and NLC India. Published - June 19, 2026 10:02 pm IST
Govt. raises over ₹3,000 cr from sale of 5% stake in GIC Re
The Centre raised more than ₹3,000 crore from the divestment of 5% stake in General Insurance Corporation of India (GIC Re).
TL;DRAI
India's government sold 5% of GIC Re for ₹3,094 crore, reducing its stake from 82.40% to 77.40%. The disinvestment demonstrates India's selective privatization strategy for state-owned enterprises and signals capital market opening to private investors.
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