New Delhi, June 17 -- The government's offer for sale (OFS) of a 5% stake in state-owned reinsurer General Insurance Corporation of India (GIC Re) was fully subscribed on Wednesday, with investors taking up both the 2% base offer and the 3% greenshoe option, according to the Department of Investment and Public Asset Management (Dipam).

The government held 82.4% in GIC Re before the share sale. Following the divestment, its stake is expected to decline to about 77.4%, meaning it comfortably retains majority ownership in the company.

"Offer for sale in GIC Re closed with enthusiastic response from the investors. Government of India has divested 5.0% stake in GIC Re with full subscription of base and greenshoe offer," Dipam secretary Aruni...