newindianexpress.com

Government plans 6.5% stake sale in LIC via OFS, eyes Rs 31,000 crore

Life Insurance Corporation of India (LIC) logoLife Insurance Corporation of India (LIC)
Sig5.85Sen-0.70Env0.00Soc+0.85Gov+2.40

The government plans to sell up to a 6.5% stake in Life Insurance Corporation of India through an offer-for-sale, with a floor price of Rs 382 a share, about 10.7% below Monday’s close. At the floor, proceeds could exceed Rs 31,000 crore and the state holding would fall from 96.5% to 90% if the greenshoe is used. Eligible employees can apply up to Rs 5 lakh and at least 10% is reserved for retail investors. LIC must reach 10% public shareholding by May 16, 2027.

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