Govt to sell up to 5% stake in GIC at Rs 352 per share; OFS opens June 16

The government will sell up to a 5% stake in General Insurance Corporation of India (GIC) through an offer for sale (OFS) at a floor price of Rs 352 per share, with the issue opening for institutional investors on Tuesday (June 16).Retail investors will be able to bid on Wednesday under the two-day OFS, reported news agency PTI.At the floor price of Rs 352 apiece, the sale of more than 8.77 crore shares could fetch around Rs 3,000 crore for the exchequer.Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said on X that the government would divest 2% equity in GIC, with an additional 3% stake available under the green shoe option.Shares of GIC ended 2.55% higher at Rs 388.35 on the BSE on Monday. The OFS floor price represents a discount of 9.36% to the closing market price.The government has already mobilised Rs 13,389 crore through stake sales in public sector companies during the current financial year.The amount includes Rs 5,542 crore from Coal India, Rs 4,357 crore from NHPC, Rs 2,266 crore from Central Bank of India and Rs 1,223 crore from NLC India.The Centre is aiming to surpass its budgeted target of Rs 80,000 crore from PSU disinvestment and asset monetisation during the current fiscal year