The bids for the provide on the market (OFS) of Basic Insurance coverage Company of India (GIC) was oversubscribed by 108.5% on its first day, in line with information from Bombay Inventory Change.
“Provide on the market in GIC bought constructive response immediately from non-retail buyers. The difficulty subscribed 1.08 instances the bottom measurement. The federal government has determined to train the greenshoe possibility. Retail buyers and workers of the GIC will get an opportunity to bid tomorrow” mentioned the Secretary of Disinvestment and Public Asset Administration (DIPAM) in a submit on X.
The primary day of the two-day bid was open just for non-retail individuals. The Ministry of Finance opened bids for OFS to promote 6.7% stake in public sector re-insurer Basic Insurance coverage Company of India (Re) for ₹4,701 crore, in line with its regulatory filings. A complete of 11.9 crore fairness shares are to be bought at a flooring worth of ₹395 per share. Bids for retail buyers might be open on September 5, the final day of the bid.
IDBI capital markets, SBICAP securities, Financial institution of Baroda and Elara Capital are the brokers answerable for executing the OFS.
Printed – September 05, 2024 12:25 am IST
