Indian government sells 6.78% stake in GIC Re

The Indian government is selling a 6.78% stake in General Insurance Corporation of India (GIC Re). This is the first share sale since the Indian reinsurer's listing in 2017 via an offer for sale.

This transaction is intended for investors and the company's employees. It amounts to 47 billion INR (559.8 million USD).

Prior to the sale, the government held an 85.78% stake in GIC Re.