The Centre, on Monday, launched the OFS to dilute up to 5% stake in the firm at a floor price of ₹352 per share, the DIPAM Secretary stated.
The base offer comprises of a sale of 2% of the company’s outstanding equity, followed by a greenshoe option to sell an additional 3% stake.
In case the government does manage to sell the complete 5% stake, it could fetch a sum of ₹3,088 crore based on the OFS floor price. However, the final cut-off price could differ from the floor price subject to demand.
It will open for retail investors to bid on Wednesday, June 17.
At the end of the March quarter, the Centre held 82.4% stake in GIC, while non-retail investors and retail investors held 0.14% and 1.4% respectively, as per data available on the exchanges.
Bank of India, the Centre’s divestment collections are set to cross ₹15,000 crore within a month. Prior to this, the government’s disinvestment drive included Coal India, Central Bank of India, NLC India and NHPC.
The Centre has exercised the greenshoe option due to a healthy demand in all the OFS’ it announced this year, so far.
In the Union Budget 2026, the Centre pegged its disinvestment target at ₹80,000 crore for the financial year 2027.
In a post-Budget press briefing, finance minister Nirmala Sitharaman had said there will be a lot more divestment going forward. She said divestment of central public sector enterprises (CPSEs) would be seriously considered from thereon.
Shares of GIC were trading 5.1% lower at ₹367.5 apiece at 9.20 am on Tuesday. The stock trades below its bonus-adjusted IPO price of ₹456. The company had issued bonus shares in the ratio of 1:1 back in 2018. That is the only bonus issue approved by the company for its shareholders so far.
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