Institutional investors oversubscribe LIC OFS on Day 1
Robust institutional participation boosted the government’s disinvestment programme ahead of the retail subscription for the country’s largest insurer.
On the first day of the offer for sale (OFS) for Life Insurance Corporation (LIC), institutional investors significantly over-subscribed the government's 6.5% share sale offer. The bids submitted by these investors amounted to Rs 36,400 crore, surpassing the initial public offering (IPO) in size, which had raised Rs 21,000 crore four years prior.
The OFS aims to sell up to 6.5% of LIC, valued at 82.22 crore shares at a minimum floor price of Rs 382 per share. This sale is set to fetch approximately Rs 31,000 crore for the disinvestment kitty, enabling LIC to meet the Sebi-mandated minimum public shareholding requirement ahead of schedule.
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