New Delhi, June 17 -- The Government of India has completed the divestment of its 5 per cent stake in General Insurance Corporation of India (GIC Re) after the offer for sale (OFS) closed with full subscription of both the base offer and the green-shoe option, according to the Department of Investment and Public Asset Management (DIPAM).

The successful closure follows strong investor demand for the issue, which was oversubscribed 3.72 times on the very first day of bidding by non-retail investors, prompting the government to exercise the entire green-shoe option.

Sharing the outcome of the stake sale on social media platform X, DIPAM Secretary said, "Offer for Sale (OFS) in GIC Re closed with enthusiastic response from the investors. Go...