GIC OFS opens today for non-retail investors: Floor price, discount, and key details
- 16th June 2026
- 10:30 AM
- 3 min read
Summary
GIC's OFS opens for non-retail investors today. Check the offer price, discount, issue size, key dates, and other important details investors should know with PL Capital.The Government of India has launched an offer for sale in General Insurance Corporation of India (GIC Re), India’s largest reinsurance company, opening for non-retail investors on 16 June 2026 and for retail investors and eligible employees on 17 June 2026.
OFS key details
| Detail | Information |
| Floor price | ₹352 per share |
| Discount to previous close | 9.10% to ₹387.25 |
| Base offer | 2% equity (3.51 crore shares) |
| Greenshoe option | Additional 3% equity (5.26 crore shares) |
| Total potential stake sale | Up to 5% |
| Estimated proceeds | Approximately ₹3,088 crore (if fully subscribed) |
| Non-retail bidding date | Tuesday, 16 June 2026 |
| Retail and employee bidding date | Wednesday, 17 June 2026 |
| Promoter holding pre-OFS | 82.4% (as of March 2026) |
| Market cap | ₹63,870 crore |
| 52-week high | ₹417.95 |
| 52-week low | ₹350.25 |
About the offer
The government proposes to divest up to 5% of its holding in GIC Re at a floor price of ₹352 per share, representing a discount of 9.10% to the previous closing price of ₹387.25. The base offer covers 2% of GIC’s outstanding equity, with a greenshoe option allowing the government to offload an additional 3% if demand warrants it. At full subscription, the sale could generate approximately ₹3,088 crore for the exchequer.
The stake sale also serves a regulatory purpose. With the government holding 82.4% of GIC Re as of the March 2026 quarter, public float stands below the 25% minimum required under SEBI’s Minimum Public Shareholding norms. This OFS moves the company closer to compliance.
Share price reaction
GIC Re shares fell 5.99% to ₹364.05 as of 12:22 PM IST on 16 June 2026, against a previous close of ₹387.25. The stock opened at ₹371.20, touched an intraday high of ₹374.40 and a low of ₹362.35. The floor price of ₹352 sits just above the stock’s 52-week low of ₹350.25, giving investors limited downside buffer at current traded levels.
Broader disinvestment context
This transaction is expected to push the government’s disinvestment proceeds beyond ₹15,000 crore in just over a month of the current fiscal. Earlier stake sales this year covered Coal India (₹5,542 crore), NHPC (₹4,357 crore), Central Bank of India (₹2,266 crore), and NLC India (₹1,223 crore). The Union Budget 2026 set a disinvestment target of ₹80,000 crore for FY27, with the government indicating it would actively pursue further stake sales in central public sector enterprises.
About GIC Re
General Insurance Corporation of India is the country’s largest reinsurance company, providing risk protection to insurers across domestic and international markets. As of the March 2026 quarter, the government held 82.4% of the company, with non-retail and retail investors holding 0.14% and 1.4% respectively, according to exchange data.
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