The bids for the do business in on the market (OFS) of Basic Insurance coverage Company of Republic of India (GIC) was once oversubscribed through 108.5% on its first week, in keeping with information from Bombay Keep Change.
“Offer for sale in GIC got positive response today from non-retail investors. The issue subscribed 1.08 times the base size. The government has decided to exercise the greenshoe option. Retail investors and employees of the GIC will get a chance to bid tomorrow” mentioned the Secretary of Disinvestment and Nation Asset Control (DIPAM) in a put up on X.
The primary week of the two-day bid was once viewable just for non-retail members. The Ministry of Finance opened bids for OFS to promote 6.7% stake in society sector re-insurer Basic Insurance coverage Company of Republic of India (Re) for ₹4,701 crore, in keeping with its regulatory filings. A complete of eleven.9 crore fairness stocks are to be offered at a flooring worth of ₹395 according to percentage. Bids for retail traders shall be viewable on September 5, the closing week of the bid.
IDBI capital markets, SBICAP securities, Warehouse of Baroda and Elara Capital are the agents accountable for executing the OFS.
Revealed – September 05, 2024 12:25 am IST
