The President of India, through the Ministry of Finance, proposes to sell up to 35,088,000 Equity Shares of General Insurance Corporation of India (GIC). This Offer for Sale (OFS) aims to meet minimum public shareholding requirements. The sale will take place on June 16-17, 2026, through the stock exchange mechanism, with a floor price set at ₹352.00 per share. Bidders can place orders within specified trading hours across BSE and NSE.
Government Initiates Offer for Sale of GIC Shares
The President of India, acting through the Ministry of Finance, Government of India, has announced a proposed Offer for Sale (OFS) of equity shares in General Insurance Corporation of India (GIC). This initiative is designed to facilitate compliance with minimum public shareholding norms as mandated by regulatory bodies. The sale aims to divest a portion of the Promoter’s stake, thereby enhancing public participation in the company.
Offer Details and Dates
The Offer involves the sale of up to 35,088,000 Equity Shares of GIC, representing 2.00% of the company’s total paid-up equity share capital. This constitutes the ‘Base Offer Size’. Additionally, there is an option to sell an oversubscription of up to 52,632,000 Equity Shares, representing an additional 3.00%, bringing the total potential sale to 5.00% of the company’s equity. The Offer is scheduled to take place over two trading days: June 16, 2026 (T day) for non-Retail Investors, and June 17, 2026 (T+1 day) for Retail Investors, Employees, and non-Retail Investors who choose to carry forward their un-allotted bids.
Pricing and Allocation
The Offer will be conducted through a separate window on the BSE and NSE. The floor price for the Offer has been set at ₹352.00 per Equity Share. Allocation will be based on a price priority basis at multiple clearing prices. A minimum of 25% of the Offer Shares will be reserved for Mutual Funds and Insurance Companies. The Retail Category will have 10% of the Offer Shares reserved, with individual investors limited to bids not exceeding ₹200,000 in value.
Employee Offer Component
In addition to the general offer, up to 20,000 Equity Shares of GIC may be offered to eligible employees of the Company. This employee offer will be subject to specific terms and conditions outlined in the OFS Guidelines. Eligible employees can apply for equity shares up to ₹500,000, with individual allotments capped at ₹200,000.
Key Dates and Times
The Offer will open on June 16, 2026, at 9:15 a.m. IST and close at 3:30 p.m. IST on the same day for non-Retail Investors. On June 17, 2026, the Offer will continue from 9:15 a.m. IST to 3:30 p.m. IST for Retail Investors and Employees, and for non-Retail Investors who have opted to carry forward their bids. The Seller reserves the right to withdraw the Offer at any time prior to its opening.
Seller and Brokers
The Seller is the President of India, acting through and represented by the Ministry of Finance, Government of India. The Offer will be facilitated by designated Seller’s Brokers, including IDBI Capital Markets & Securities Limited, SBICAP Securities Limited, BOB Capital Markets Limited, and Elara Securities (India) Private Limited. BOB Capital Markets Limited will also serve as the Settlement Broker.
Important Information and Disclaimers
This Notice is for informational purposes only and does not constitute an offer to sell or invitation to buy securities. Bidders are advised to carefully read the entire Notice and the applicable OFS Guidelines. The Offer is subject to various conditions, including settlement obligations and potential cancellation at the Seller’s discretion. Specific restrictions apply to U.S. persons and sales outside of India. Prospective purchasers should conduct their own due diligence and seek independent legal and tax advice.
Source: BSE
