Government sells 5% stake in GIC Re, raises ₹3,094cr
The government just sold a 5% stake in General Insurance Corporation of India (GIC Re), bringing in ₹3,094 crore.
This happened via an offer for sale on June 16-17, with over 8.77 crore shares sold, and the floor price set at ₹352 per share.
After the deal, the government's ownership dropped from 82.40% to 77.40%.
Government nets ₹13,389.42cr this financial year
This move is another step in the government's ongoing plan to sell stakes in public companies.
It's already raised over ₹13,389.42 crore this financial year from similar sales, including Central Bank of India and Coal India.
Secretary to the Department of Investment and Public Asset Management (DIPAM) Arunish Chawla thanked investors online for their strong support.
GIC Re posts ₹2,215cr net profit
GIC Re is the reinsurer, posting a net profit of ₹2,215 crore — reporting period not specified in the source, and boasting a market cap above ₹60,000 crore (date not specified in source).
Its shares were trading at around ₹359 (price/date not specified in source).