Mumbai, June 16 -- Under the OFS, the government will initially sell 3.51 crore shares, representing 2% of GIC Re's equity capital. It also has an oversubscription option to sell an additional 5.26 crore shares, equivalent to 3% equity, taking the total offer size to 8.77 crore shares or 5% of the company's paid-up equity capital.

The OFS opened for non-retail investors on 16 June and will be available to retail investors and eligible employees on 17 June. The floor price has been fixed at Rs 352 per share, a discount of about 9.4% to the previous day's closing price of Rs 388.35 on the BSE.

The President of India, acting through the Ministry of Finance, is the promoter and seller in the transaction. Up to 20,000 shares have also been r...