Govt Raises Rs 31,552 Crore via LIC OFS; Shares Ease
The government raised Rs 31,552 crore through LIC’s Offer for Sale, fully exercising the green shoe option and lifting public shareholding to the mandatory 10 per cent.
New Delhi: Shares of Life Insurance Corporation of India (LIC) traded lower on Thursday after the government raised Rs 31,552 crore through an Offer for Sale (OFS), fully exercising the green shoe option and enabling the state-run insurer to achieve the mandatory 10 per cent minimum public shareholding ahead of the regulatory deadline.
The Department of Investment and Public Asset Management (DIPAM) said the OFS was oversubscribed on both days of bidding, with 82.23 crore shares allocated to retail and institutional investors.
In a post on the social media platform X, DIPAM stated that the OFS in LIC closed with a strong response from both retail and institutional investors. “With this the public ownership of LIC has increased to 10 per cent and it has achieved this critical milestone ahead of schedule. A total of 82,23,33,558 shares have been allocated for an amount of Rs 31,552 crore, making it India’s largest public offering ever,” it said.
