India's government is divesting up to 5% of its stake in General Insurance Corporation (GIC) through an offer for sale, setting a floor price of Rs 352 per share. This move aims to raise over Rs 3,087 crore. Separately, insurtech firm Turtlemint Fintech Solutions will launch its initial public offering (IPO) worth up to Rs 883 crore on June 19, with a price band of Rs 144-152 per share, closing on June 23.
The Indian government is set to divest up to 5% of its stake in General Insurance Corporation (GIC) via an offer for sale (OFS). The OFS will open with a floor price of Rs 352 per share, representing a 9% discount to the previous closing price. This divestment is expected to raise over Rs 3,087 crore for the government.
In a separate development within the insurance sector, insurtech firm Turtlemint Fintech Solutions is preparing to launch its initial public offering (IPO). The IPO is valued at up to Rs 883 crore and is scheduled to open on June 19. The price band for Turtlemint's offering has been set between Rs 144 and Rs 152 per share. The subscription period for the IPO will conclude on June 23.
The Indian government is set to divest up to 5% of its stake in General Insurance Corporation (GIC) via an offer for sale (OFS). The OFS will open with a floor price of Rs 352 per share, representing a 9% discount to the previous closing price. This divestment is expected to raise over Rs 3,087 crore for the government.