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The central government will divest 3.39 per cent equity with an additional 3.39 per cent as a green shoe option in General Insurance Corporation of India (GIC Re).
The offer for sale (OFS) in the state-owned reinsurance company opens Wednesday for non-retail investors, posted the Secretary of the Department of Investment and Public Asset Management on X. Retail investors and employees of GIC would be able to bid on Thursday, it added. Offer for Sale means the promoters (owners) selling their shares to raise additional funds for the company. In financial markets parlance, the green shoe option is a provision that grants the seller the right to sell investors more shares than initially planned by the issuer if the demand proves higher than expected. General Insurance Corporation of India (GIC Re) is a 100 per cent Government of India-owned PSU company. It is the designated national reinsurer and is a leading player in the international reinsurance industry. (ANI)
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