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

Shares of General Insurance Corporation of India (GIC) fell 6% as the government opened its Offer for Sale (OFS) at a 9% discount to the floor price of Rs 352 per share. The base offer covers 3.51 crore shares (2% stake), with an oversubscription option for an additional 5.26 crore shares (3%), taking the total potential sale to 8.77 crore shares (5% stake) valued at over Rs 3,087 crore. This is part of the government's broader 10% disinvestment plan to meet SEBI's minimum public shareholding norms, following a similar 3.4% stake sale in September 2024.