Govt to sell up to 5% stake in insurer GIC via OFS

The Indian government will sell up to 5% stake in General Insurance Corporation of India (GIC) via an Offer for Sale (OFS), comprising a base offer of 2% with an option to retain an additional 3% in case of oversubscription. The floor price is set at Rs 352 per share, a 9.1% discount to Monday's close. The OFS opens for non-retail investors on June 16 and for retail investors on June 17, as part of a plan to offload 10% in tranches to meet SEBI's minimum public shareholding norms; the government currently holds 82.4% in the insurer.