The two-day offer for sale (OFS) of General Insurance Corp of India was fully subscribed on Thursday – the final day of the issue. The base issue was lapped up but there was no demand for the shares set aside under the green shoe option with the retail investor portion remaining under-subscribed.
While the non-retail investors’ portion was subscribed 1.08 times on Wednesday, retail investors bid for only 22% of the issue on Thursday.
The Government of India, which held 85.78% of the reinsurance company as of June 30, offered to sell up to 5.95 crore shares, representing 3.39% of the total equity capital. Additionally, the government offered to sell another 5.95 crore equity shares as part of the green shoe option. This would have resulted in the government selling 11.90 crore shares, or 6.784% of the company.
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The floor price for the OFS was set at ₹395 per equity share, while the clearing price discovered was ₹395. Shares of GIC ended flat at ₹397.60 on Thursday.
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