BOM:540755

Indian Government Plans to Sell Up To 5% in General Insurance Corporation of India Through OFS

The Indian government plans to sell up to 5% stake in General Insurance Corporation of India (NSE:GICRE, BOM:540755) through an offer for sale, the ⁠state-run insurer said in a filing to the Indian stock exchanges on Monday.The government will extend a base offer of up to a 2% equity share in General Insurance, with an option to sell an additional 3% if the offering is oversubscribed.The floor price for the offer is fixed at 352 Indian rupees per share, representing a discount of around 9% from the company's close on Monday.The OFS will open to non-retail investors on Tuesday, and to retail investors on Wednesday.As of March 31, the government owned 82.4% of the insurer.