New Delhi [India], September 4 (ANI): General Insurance Corporation of India’s (GIC Re) Offer for Sale got a positive response on Wednesday from non-retail investors.
In a post on X, Secretary, the Department of Investment and Public Asset Management, said the OFS issue was subscribed 1.08 times of base size by non-retail investors.
Retail investors and employees of GIC would be able to bid on Thursday.
“Govt has decided to exercise the green shoe option. Retail investors and Employees of GIC get a chance to bid tomorrow,” the Secretary’s X post 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.
On Tuesday, the central government announced it will divest 3.39 per cent equity with an additional 3.39 per cent as a green shoe option in the state-owned company.
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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