The Indian government is looking to sell up to 87,720,000 equity shares of Indian public sector reinsurer, General Insurance Corporation of India (GIC Re), to investors on June 16th and June 17th, 2026, collectively representing 5% of the total issued and paid up equity share capital of the reinsurer.
The floor price for the offer shall be Rs.352 per equity share, and according to reports, the government aims to raise about ₹3,090 crore with the sale, to both follow regulatory guidelines and reduce its stake in public sector companies.
As per the Securities and Exchange Board of India’s (SEBI) guidelines, all listed companies should have a minimum public shareholding of 25%, and the government held an 82.4% stake in GIC Re at the end of March 2026.
The proposed sale also aims to help the government meet its divestment target of ₹80,000 crore for FY27. According to reports, the floor price is at a near 10% discount to Monday’s closing price of ₹387.25 on the National Stock Exchange (NSE).
GIC Re has proposed to sell up to 35,088,000 equity shares of GIC Re, representing 2% of the total paid-up equity share capital of the company, on June 16th, 2026, for non-retail investors. This aims to raise around ₹1,240 crore as per the floor price.
Meanwhile, on June 17th, 2026, the sale will be open to retail investors, employees and non-retail investors who choose to carry forward un-allotted bids with an option to additionally sell 52,632,000 equity shares, or 3% of the total issued and paid-up equity share capital of the company, which could raise approximately ₹1,850 crore.
GIC Re stated that, in accordance with the terms and conditions of the OFS guidelines, a minimum of 25% of the shares on offer will be reserved for mutual funds and insurance companies under the non-retail portion.
Additionally, up to 20,000 of its equity shares, worth ₹50,000 each, may be offered to eligible employees with an investment limit of ₹5 lakh per employee, subject to approval from the competent authority.
