India gov’t to sell 6.8% stake in General Insurance Corp

The stake will be sold at a floor price of INR395 per share.

The Indian government has announced plans to sell a 6.8% stake in General Insurance Corporation of India (GIC), reported by Reuters. 

The stake will be sold at a floor price of INR395 per share, representing a 6.3% discount to GIC's closing price on Tuesday. The government currently holds more than 85% of the company.

This move follows earlier reports that the government is considering selling minority stakes in both GIC and Life Insurance Corporation of India (LIC) by 2025, depending on market conditions. 

A government official previously noted positive feedback from investor roadshows for GIC, suggesting the possibility of selling up to 10% of the insurer's shares in phases, depending on market performance.