General Insurance Corporation of India slipped 3.13% to Rs 385.15, extending losses for fourth day in a row.
The stock has lost 8.69% in four sessions, from its recent closing high of Rs 421.80 recorded on 02 September 2024.
On 03 September 2024, the President of India had announced its proposal to sell 3.39% stake in the company through an offer for sale (OFS) on 04th and 05th September 2024.
Through the OFS, the Government of India proposed to sell 5,95,12,000 shares, representing a 3.39% stake, with an option to sell an additional 3.39% stake or 5,95,12,000 equity shares in case of oversubscription.
On 04 September 2024, the promoter informed the bourses about its intention to exercise the oversubscription option in the offer to the extent of 50,49,872 equity shares (representing 0.288% of the total issued and paid-up equity share capital of the company).
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Accordingly, the total offer size was 6,45,61,872 equity shares (representing 3.68% of the total issued and paid-up equity share capital of the company).
The floor price of the offer had been set at Rs 395 apiece, a 6.23% discount to the stock's closing price of Rs 421.25 recorded on 03 September 2024.
The Government of India held 85.78% stake in General Insurance Corporation of India as of 30 September 2024.
A minimum of 25% of the offer has been reserved for mutual funds and insurance companies, while 10% for retail investors.
The OFS opened on 04 September 2024, which was the T-day, where only non-retail investors can bid for the shares. On 05 September 2024, which was the T+1 day, the OFS was accessible for retail investors and those non-retail investors, who choose to carry forward their un-allotted bids from T-day.
On T-day, the OFS received subscription for 5,81,05,684 shares. It was subscribed 108.49%.
On T+1 day, the OFS received subscription for 13,45,323 shares. It was subscribed 22.61%.
General Insurance Corporation of India is engaged in the activities of assuming all or part of the risk associated with existing insurance policies originally underwritten by other insurance carriers.
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