Govt's 5% GIC Re offer for sale fully subscribed; boosts FY27 divestment drive (opens original article in a new tab)

The Indian government's 5% offer for sale in GIC Re was fully subscribed, reducing its stake to 77.4% despite a 9% drop in the company's share price.

• Government's 5% GIC Re OFS fully subscribed with base and greenshoe options
• Government's stake in GIC Re drops from 82.4% to 77.4% after divestment
• GIC Re shares fell 9% during the transaction, reducing government's stake value by ₹5,000 crore