The two-day offer for sale (OFS) by General Insurance Corporation of India Ltd (GIC RE) will kick start on Tuesday, with the company joining a long list of companies including NLC India, NHPC India Ltd, Central Bank of India and Coal India Ltd where the government trimmed exposure and raised Rs 13,389.42 crore via divestment proceeds in the first three months of FY27. 

The government is now looking to raise Rs 3,087.74 crore from GIC RE, with OFS for non-retail investors set to open on Tuesday at a floor price of Rs 352 apiece. This is at 8.63 per cent discount to GIC RE's Monday closing price of Rs 385.25 on NSE. 

The base size comprised of 2 per cent equity or up to 35,088,000 shares of the company of face value of 5 each. In the case of oversubscription, GIC RE intend to sell an additional up to 52,632,000 shares, representing a further 3 per cent of the total paid up equity share capital of the company. 

Data showed the government owned 1,44,55,67,615 shares or 82.40 per cent stake in GIC RE at the end of March quarter. Listed companies are required to meet 25 per cent minimum public shareholding norms, which means they can at maximum keep promoter holding at 75 per cent.  

The GIC RE OFS comes at a time when the scrip has been flat over the one year period. Up to 20,000 shares will be offered to the eligible employees of the GIC RE, in accordance with the terms and conditions provided in the OFS guidelines, or any other limit as may be approved by the competent authority. 

Only non-retail investors are be allowed to place their bids on T day, ie, June 16, 2026. While placing their bids, non-retail investors may indicate their willingness to carry forward their un-allotted bids to T+1 day for allocation to them in the unsubscribed portion of retail investors.

"Those non-Retail Investors who have placed their bids on T day and have chosen to carry forward their unallotted bids to T+1 day, shall be allowed to carry forward and also revise their bids on T+1 day as per the OFS Guidelines. For Retail Investors, Employees and for non-Retail Investors who choose to carry forward their un-allotted bids to T+1 Day," GIC RE said in an exchange filing.