The opportunity to invest has arrived
Life Insurance Corporation of India i.e. LIC has been listed on the stock market since then. Since then, except on a few occasions, it has given good returns to investors. In such a situation, the hope of earning good profits from the shares of state-owned insurance companies remains intact. In such a situation, you now have the opportunity to invest in another government-owned insurance company, because the government is going to offer its shares in this company for sale.
Yes, the government is going to sell part of its stake in the state-owned general insurance company ‘General Insurance Corporation’ (GIC OFS) on the open market. To do so, it has submitted an offer for sale, which opens as of tomorrow.
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The price of one share will be this amount of rupees.
The government will sell a 6.78 per cent stake in the General Insurance Corporation (GIC). For this, the price per share has been fixed at Rs 395. Under this Offer for Sale (OFS), the government will sell over 11.90 million shares. This OFS will be opened for institutional investors from Wednesday i.e. tomorrow, while retail investors will be able to bid for it on Thursday.
The share price fixed by the government for GIC’s OFS. This is 6.23 per cent lower than the closing price of its shares on Tuesday. The government is expected to get around Rs 4,700 crore from this OFS.
Your chances can increase if you get good deals.
Tuhit Kant Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), which deals with the work of privatisation and management of government companies and assets, also shared information in this regard on social media platform X.
He wrote that the SFO of the General Insurance Corporation of India (GIC) will open tomorrow. Non-retail investors will be able to submit bids tomorrow, while retail investors and employees of companies will have the opportunity to submit bids from Thursday. Initially, the government had kept the option to sell only 3.39 per cent stake, however, if more bids are received, the government may sell an additional 3.39 per cent stake.
The offer for sale in General Insurance Corporation of India (GIC) opens for non-retail investors tomorrow. Retail investors and GIC employees can submit bids on Thursday. The government will sell 3.39% of the equity with an additional 3.39% as green shoe option. pic.twitter.com/MAsW1J8oWb
— Secretary, DIPAM (@SecyDIPAM) September 3, 2024
At present, the government holds 85.78 per cent stake in GIC. The government launched the IPO of GIC in October 2017 and listed it in the stock market. The government then raised Rs 9,685 crore from this IPO.
