Government will sell 6.78 percent stake in GIC
The government is going to sell its stake in General Insurance Corporation (GIC). The government will sell its 6.78 percent stake in the company at the price of Rs 395 per share. Let us tell you that the government’s 6.78 percent stake in this government company is equal to more than 11.90 crore shares. This sale of shares will be done through OFS. This offering will open for institutional investors on Wednesday. While retail investors will be able to bid for the purchase of shares on Thursday.
How much money will come to the government treasury from the sale of 11.90 crore shares
The sale of 11.90 crore shares at the price of Rs 395 per equity share is expected to raise about Rs 4,700 crore to the government treasury. This price is 6.23 percent lower than the company’s share price on Tuesday. On Tuesday, General Insurance Corporation shares closed at Rs 421.25 on the BSE, down by Rs 0.55 (0.13%).
The government is selling 3.39 percent stake in the company
Tuhit Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), wrote on social media platform X, “The OFS for General Insurance Corporation of India (GIC) will open tomorrow i.e. Wednesday. Non-retail investors will be able to bid on Wednesday, while the issue will open for retail and GIC employees on Thursday. The government is selling 3.39 percent stake in the company and in case of more bids, an option has been kept to sell an additional 3.39 percent stake. “
The government holds 85.78 percent stake in General Insurance Corporation
The government has a total stake of 85.78 percent in General Insurance Corporation. Let us tell you that this government insurance company was listed in the stock market in October 2017. The government had raised Rs 9,685 crore from the IPO of General Insurance Corporation.
Latest Business News
