General Insurance Corporation of India Faces Proposed Offer for Sale by Government
The President of India, acting through the Ministry of Finance and being the promoter of General Insurance Corporation of India, has proposed an offer for sale of equity shares in the company through the stock exchange mechanism. This offer outlines a potential total offering size up to 87,720,000 equity shares.The offer includes two components: the Base Offer Size and an Oversubscription Option. The initial Base Offer Size amounts to 35,088,000 Equity Shares, which represents 2.00% of the total paid up equity share capital of General Insurance Corporation of India.
Additionally, there is an Oversubscription Option allowing for the sale of up to 52,632,000 Equity Shares, representing 3.00% of the total issued and paid up equity share capital of the company. If this option is exercised, the total offer size will reach 87,720,000 Equity Shares, accounting for 5.00% of the total paid up equity share capital of the Company.
Specific allocation details of the Offer include a segment dedicated to retail investors and employees. Of the overall Offer shares, 8,772,000 shares, or 10% of the Offer, will be available for Retail Category on T+1 day, subject to receipt of valid bids. Furthermore, a portion of the equity shares, totaling 20,000 Equity Shares, will be offered to eligible employees of the Company in accordance with the terms and conditions provided in the offer guidelines.
GICRE Stock Price Movement
Shares of General Insurance Corporation of India slipped by 7.97% on the day, settling at ₹358.40 in post-market trading. The stock saw a total traded volume amounting to 12.83 million shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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