Indian Government plans to sell a stake in GIC Re and LIC

Sources close to the matter have revealed that the Indian Government is considering selling up to 10% of its stake in General Insurance Corporation of India (GIC Re) in the 2024-2025 financial year, after receiving positive feedback from investors.

The sale would be carried out over a fixed period for an estimated amount of 57 billion INR (683 million USD).

The State currently holds an 85.78% stake in GIC Re, which it would like to reduce to 75% by August 2024.

The Indian Government is also willing to sell 10% over 7 years and 25% over 10 years of the capital of Life Insurance Corporation of India (LIC).

The size of the offer and the volatility of the company's shares since its listing on the stock exchange in 2022 have prompted the authorities to proceed with sales in tranches.