Key facts
- The Indian government will sell up to 5% of General Insurance Corporation (GIC) via an offer for sale.
- The OFS has a floor price of Rs 352 per share, representing a 9% discount to the previous closing price.
- The total offer size is up to 8.77 crore shares, potentially raising over Rs 3,087 crore.
- The sale opens for non-retail investors on June 16 and retail investors on June 17.
The Indian government is set to divest up to a 5% stake in the state-run insurer General Insurance Corporation (GIC) through an offer for sale (OFS). The offering includes a base stake of 2%, with the flexibility to sell an additional 3% if demand is strong. The floor price for the sale has been established at 352 Indian rupees per share, which represents a discount of approximately 9.1% compared to the insurer's closing price on Monday. At this floor price, the total offer size is valued at over Rs 3,087.74 crore. The sale process will commence with non-retail investors on June 16, followed by retail investors and employees on June 17. This stake sale is part of the government's broader disinvestment strategy, which has recently seen divestments in other public sector undertakings like Coal India and NHPC. The government had previously planned to sell 10% of its stake in GIC in tranches to meet minimum public shareholding norms, having already sold 3.4% in September 2024. As of March 31, 2026, the President of India held over 82% of GIC, Life Insurance Corporation of India held around 10%, and mutual funds held about 1.5%.