New Delhi, June 16 -- The Indian government's offer for sale (OFS) in General Insurance Corporation of India (GIC Re) received a strong response from investors on Tuesday, the first day of bidding, with the issue subscribed 3.72 times.

Following the strong response, the Centre has decided to exercise the entire 3% greenshoe option, which allows it to sell additional shares beyond the original issue size to meet high investor demand, Arunish Chawla, secretary at the Department of Investment and Public Asset Management (Dipam), posted on X.

The OFS was open only to non-retail investors on day one. Retail investors and eligible employees will be able to participate on Wednesday. The OFS route allows promoters to dilute holdings in listed c...