The Indian government held road shows in London to assess investor interest for a minority stake sale in state-run (GIC), two government sources familiar with the matter told Reuters.
India plans to sell a total of 10 per cent stake in the insurer in tranches to meet the market regulator’s minimum public shareholding norm, Reuters reported last year. Out of this, the government offloaded its 3.4 per cent shareholding in the insurer in September 2024.
Officials from the Department of Investment and Public Asset Management (DIPAM) travelled to London to meet investors and seek feedback, one of the sources said.
India’s finance ministry did not immediately respond to a Reuters request for comment.
The government currently holds an 82.4 per cent stake in GIC, according to official data, while the insurer’s shares were trading about 3.5 per cent below the offer-for-sale price set in last year’s government share sale. As per the market regulator’s rules, all listed Indian companies are required to maintain a minimum public shareholding of 25 per cent.
The government remains committed to its privatisation and minority stake-sale plans, but the pace has slowed over the past two years. Divestment receipts stood at ₹17,500 crore in 2024/25 and as on date for this fiscal year, according to government data.
Minority stake sales help bolster the government’s divestment proceeds, and India aims to raise ₹47,000 crore through stake sales and asset monetisation in the current financial year through March 31, 2026.