GIC shares decline 6% as Rs 3,088 crore OFS opens at 9% discount (opens original article in a new tab)

GIC shares fell 6% as the government initiated an OFS to divest up to 5% stake at a 9% discount, with the offer valued at over Rs 3,087.74 crore.

• GIC shares declined 6% to Rs 366 on BSE as government's OFS opens at 9% discount
• Government plans to sell up to 5% stake in GIC through OFS, with 2% in base offer and 3% additional through oversubscription
• OFS includes 8.77 crore shares worth over Rs 3,087.74 crore at floor price of Rs 352 per share