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.

The Ministry of Finance has nominated Dr. Debasish Prusty, Additional Secretary in the Department of Financial Services, as a Director on the Board of gic of india with immediate effect. The appointment was communicated via a letter dated June 19, 2026, and Dr. Prusty will serve until further orders, replacing Shri Tapan Kumar Mondal.

The disclosure was made under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dr. Prusty is not related to any of the existing Directors of the Corporation and is not debarred from holding the office of Director by any SEBI order or other authority.

Dr. Debasish Prusty is a member of the Indian Administrative Service with over 26 years of experience in Public Finance, Sustainable Development, and Environmental and Urban Governance. He holds a Doctor of Philosophy from the Management Department of Manipal University Jaipur and a Master of Philosophy in Environmental Sciences from Jawaharlal Nehru University, Delhi.

Professional Background

Dr. Prusty has contributed significantly to India's international collaborations, including the launch of the International Solar Alliance (ISA) platform in 2015 while serving as Director in the Climate Change division of the Ministry of Environment, Forest and Climate Change. He represented India's negotiating team at the United Nations Conference on Climate Change (UNFCCC) and was a member of the standing committee on Finance of the UNFCCC in 2016.

He has received training from the International Monetary Fund (IMF) in the field of Finance for Macro-economists. His profile is annexed as per SEBI Master Circular no HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.