General Insurance Corporation of India or GIC RE in focus as a CNBC-TV18 report states that the Government is considering to announce a stake sale via the Offer For Sale (OFS) route as early as tomorrow, September 4, 2024. The CNBC-TV18 report stated that the Government is planning to offload as much as 7% stake in GIC RE via the OFS.
As per the latest shareholding pattern available on the exchanges, the Government of India (Promoter) holds a 85.7% stake in the company. As per the Minimum Public Shareholding norms, a promoter cannot hold more than 75% stake in a company. GIC RE’s promoter has however never offloaded any stake in the company ever since it listed in October 2017. The OFS is largely to bring down the promoter holding as per the MPS norms.
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GIC RE