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The Economic Times
The Economic Times
Debaroti Adhikary

GIC shares decline 6% as Rs 3,088 crore OFS opens at 9% discount

GIC OFS General Insurance Corporation of India Insurance India

Shares of General Insurance Corporation of India (GIC) declined 6% to their day's low of Rs 366 on the BSE on Tuesday as the government’s offer for sale (OFS) to divest up to 5% stake in the state-run insurer opens today at a floor price of Rs 352 apiece, implying a 9% discount to the stock’s previous closing price.

In an exchange filing released on Monday, GIC announced that the government aims to sell up to 3.51 crore shares, representing a 2% equity stake, as part of the base offer which opens for non-retail investors today (June 16). The government can also exercise the oversubscription option to additionally sell another 5.26 crore shares, representing another 3% stake in the company for the OFS that opens for retail investors and employees on Wednesday (June 17).

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