Government to launch OFS for 6.78% stake in GIC, floor price set at Rs 395

The Centre is set to launch an Offer for Sale (OFS) of 59.5 million shares in General Insurance Corp (GIC), reducing its stake from 85.78% to 79%. The floor price is Rs 395 per share, expected to raise around Rs 4,701 crore. This move aligns with SEBI’s public shareholding requirement.