iStockAccording to the BSE data as of noon today, the company received bids for nearly 1.96 lakh shares from the retail participants.
The non-retail portion of the issue was oversubscribed by 108% on day 1 of the process. Those non-retail investors who have placed their bids on Wednesday and have chosen to carry forward their unallotted bids to the next day will also be allowed to revise their bids.
Under the OFS, the government has decided to exercise the greenshoe option and sell an additional 3.39% stake, taking the total offer size to 6.78%.
The government had proposed to sell up to 3.39% equity on September 4 for non-retail investors and at an offer price of Rs 395 a share, the share sale would fetch about Rs 4,700 crore to the government's exchequer.
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The OFS regulations mandate that only retail investors and employees will be allowed to place their bids on Thursday.
According to the latest shareholding pattern, the government currently holds 85.78% stake in GIC Re.
General Insurance Corp is engaged in the activities of assuming all or part of the risk associated with existing insurance policies originally underwritten by other insurance carriers.
In the domestic business, the company provides reinsurance to the direct general insurance companies in the Indian market. It provides various classes of businesses, such as fire, motor, aviation, engineering, health, agriculture, marine hull, marine cargo and life, among others.
The shares of GIC RE were trading flat at Rs 398.50 on BSE around 12:15 pm.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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