𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗧𝗼 𝗦𝗲𝗹𝗹 𝟱% 𝗦𝘁𝗮𝗸𝗲 𝗜𝗻 𝗚𝗜𝗖 𝗧𝗵𝗿𝗼𝘂𝗴𝗵 𝗢𝗙𝗦
The Indian government plans to sell a 5% stake in General Insurance Corporation of India (GIC). The offer for sale (OFS) starts on June 16.
Key details of the sale:
- Floor price is set at Rs 352 per share.
- Institutional investors can bid starting Tuesday, June 16.
- Retail investors can bid on Wednesday.
- The government will divest 2% equity initially.
- An additional 3% stake is available through a green shoe option.
- The sale involves more than 8.77 crore shares.
- Total expected proceeds reach approximately Rs 3,000 crore.
- The floor price offers a 9.36% discount to the recent market closing price.
Disinvestment progress for the current financial year:
- The government raised Rs 13,389 crore from public sector stake sales.
- Coal India contributed Rs 5,542 crore.
- NHPC contributed Rs 4,357 crore.
- Central Bank of India contributed Rs 2,266 crore.
- NLC India contributed Rs 1,223 crore.
- The target for PSU disinvestment and asset monetisation is Rs 80,000 crore.