New Delhi:The government’s up to 5 per cent stake sale in General Insurance Corporation of India (GIC) was subscribed over 3.72 times on Tuesday with institutional investors putting in over Rs 4,000 crore worth bids. Non-retail investors put in bids for over 11.73 crore GIC shares or 3.72 times the base issue portion of 3.16 crore shares reserved for them, as per BSE data. At the indicative price of Rs 352.92, the bids are worth Rs 4,000 crore. Retail investors will get to bid in the OFS on Wednesday. Through the two-day Offer for Sale (OFS) at a floor price of Rs 352/share, the government is divesting 2 per cent equity in GIC, with an additional 3 per cent as a green shoe option -- taking the total stake dilution to 5 per cent, which is equivalent to over 8.77 crore shares. The floor price was at a 9.36 per cent discount over Monday’s closing price. The government, which is looking to garner about Rs 3,000 crore from the OFS, is likely to exercise the greenshoe option. Shares of GIC closed 7.65 per cent down at Rs 358.65 on the BSE. The government has already raised Rs 13,389 crore through public sector units’ stake sales in the current fiscal. This includes Rs 5,542 crore from Coal India, Rs 4,357 crore from NHPC, Rs 2,266 crore from Central Bank of India and Rs 1,223 crore from NLC India.