General Insurance Corporation of India has accepted the resignation of V. Balkrishna from the position of General Manager, effective from the close of business hours on July 17, 2026. The departure follows Balkrishna's decision to avail retirement under the corporation's Voluntary Retirement Scheme. This change reduces the senior management strength of the state-owned reinsurer.

The disclosure was filed with BSE Limited and The National Stock Exchange of India Ltd. in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification confirmed that Balkrishna has ceased to be part of the Senior Management of the Corporation.

Satheesh Kumar, Company Secretary & Compliance Officer, signed the disclosure on behalf of General Insurance Corporation of India. The filing was submitted to the exchanges on July 17, 2026, to formally record the change in key managerial personnel.

Key Details of the Change

The President of India, acting through the Ministry of Finance, has completed the sale of 87,720,505 equity shares in GIC of India , representing 5.00% of the total paid-up equity share capital, via an Offer for Sale (OFS). The transaction, conducted on the BSE and NSE, reduces the government's holding in the insurer to 77.40% from 82.40%. The gross consideration for the sale was approximately ₹3,094 crore. The sale was executed to achieve the minimum public shareholding as prescribed under the Securities Contracts (Regulation) Rules, 1957, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Offer Details and Execution

The OFS was conducted over two trading days. June 16, 2026 (T day) was reserved for non-retail investors, while June 17, 2026 (T+1 day) was open for retail investors, employees, and non-retail investors carrying forward un-allotted bids. The offer included a base size of 35,088,000 equity shares (2.00%) and an oversubscription option for an additional 52,632,505 equity shares (3.00%). Up to 20,000 equity shares were reserved for eligible employees.

Post-Transaction Shareholding

Following the closure of the offer, the promoter's holding has adjusted to 1,357,847,110 equity shares, constituting 77.40% of the total voting capital. The total equity share capital of the company remains unchanged at 1,754,400,000 shares with a face value of ₹5 per equity share.

Regulatory Framework

The transaction was undertaken in accordance with the SEBI Master Circular and stock exchange circulars regarding OFS. The offer was governed by paragraph 19 of Chapter 1 of the master circular bearing reference number SEBI/HO/MRDPoD2/CIR/P/2024/00181 dated December 30, 2024. The disclosures regarding the sale were submitted to the exchanges in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company disclosed the change in holding to the exchanges on June 19, 2026, pursuant to Regulation 7(2)(b) of the SEBI (Prohibition of Insider Trading) Regulations, 2015.