Mumbai, June 15 -- The government aims to raise about Rs.3,090 crore by selling up to a 5% stake in General Insurance Corp. of India (GIC Re), to meet the market regulator's minimum public shareholding requirements.

The floor price for the proposed stake sale under the offer-for-sale (OFS) route has been fixed at Rs.352 per share, GIC Re informed the exchanges late on Monday. The floor price is at a near 10% discount to Monday's closing price of Rs.387.25 on the NSE.

Securities and Exchange Board of India's (Sebi's) guidelines mandate a minimum public shareholding of 25% for all listed companies. The government held a 82.4% stake in GIC Re at the end of March 2026.

Besides complying with the public shareholding norms, the stake sale is...