The Union Ministry of Finance will dilute a 6.78 per cent stake in public-sector reinsurance company General Insurance Corporation of India (GIC) Re to garner around Rs 4,700 crore. The stake sale, for the first time since the listing of the reinsurance company in 2017 through the offer-for-sale (OFS) route, will begin on Wednesday for non-retail investors. “Retail investors and GIC employees can bid on Thursday. The government will divest 3.39 per cent equity with an additional 3.39 per cent as green shoe option,” Secretary, Department of Investment and Public Asset Management, posted on social media platform X. The floor price for the OFS is expected to be set at approximately Rs 395 per share, which represents an estimated 6 per cent discount compared to the current market price (CMP). On Tuesday, the share price of GIC Re ended at Rs 420.8 after declining 1.4 per cent.