Finance Ministry to sell 6.78% stake of GIC Re to garner Rs 4,700 crore

Quick Summary:

The government currently owns an 85.78 per cent share in GIC Re.

The FY25 Union Budget has set the target for miscellaneous capital receipts, including disinvestment, at Rs 50,000 crore compared to the revised estimate of Rs 30,000 crore for FY24.

So, that is where the interest came from, and it is clear that it will be an offer for sale (OFS) by the government because we don't need capital.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Finance Ministry General Insurance Corporation of India Indian economy

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-03 @ 19:27:45 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 478 words

Reading Time: 3 minutes read

Sentences: 20 lines

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Copyright Owner: © Business Standard

News ID: 22348898

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