At this floor price, the size of the OFS is estimated to be around Rs 4,701 crore.
The OFS is for 5.95 crore shares with a green shoe option of an equal number of shares. The issue will open for subscription on Wednesday for non-retail investors only where up to 3.39% stake will be on offer. For retail investors, the issue will open on Thursday.
Additionally, 50,000 equity shares representing 0.04% of the offer will be offered to eligible employees of the company.
The shares can be subscribed during the market hours between 9:15 am and 3:30 pm on both days.Only retail investors and employees will be allowed to place their bids on Thursday. However, non-retail investors, who have placed bids on Wednesday and have chosen to carry forward their unallotted bids to the next day, will be allowed to revise their bids.The government is offering its shares at a discount of 6.13% over Tuesday’s closing price. The company had intimated exchanges about the OFS post-market hours. The shares of GIC Re ended today at Rs 420.80 on the NSE, down by Rs 1.40 or 0.33%.
