The Government of India plans to sell up to 87,720,000 equity shares in General Insurance Corporation of India (GIC Re), India’s public sector reinsurer, to investors on June 16 and 17, 2026, amounting to 5% of the reinsurer’s total issued and paid-up share capital.
The offer has a floor price of Rs 352 per share and the government reportedly plans to raise about Rs 3,090 crore through the sale to comply with regulatory guidelines and reduce its stake in public sector companies.
As per the Securities and Exchange Board of India (SEBI) guidelines, public shareholding in all listed companies must not be less than 25%, and as of March 2026, the government held 82.4% of GIC Re’s shares.
The proposed sale is also aimed at helping the government achieve its disinvestment target of Rs 80,000 crore in FY27. The floor price is reportedly at a discount of nearly 10% to Monday’s closing price of Rs 387.25 on the National Stock Exchange (NSE).
GIC Re intends to sell up to 35,088,000 GIC Re shares to non-retail investors on June 16, 2026, representing 2% of the company’s total paid-up capital. It aims to raise around Rs 1,240 crore based on the reserve price.
Meanwhile, on June 17, 2026, the sale will be open to retail investors, employees and non-retail investors who choose to carry forward their unallocated bids and have the option to sell an additional 52,632,000 shares, or 3% of the total issued and paid-up share capital of the company, which may raise approximately Rs 1,850 crore.
GIC Re said that at least 25% of the offer shares will be reserved for the non-retail segment of mutual funds and insurance companies, subject to the terms and conditions of OFS guidelines.
Additionally, up to 20,000 equity shares worth Rs 50,000 each may be provided to eligible employees subject to the approval of the competent authorities, subject to an investment limit of Rs 5 lakh per employee.
