LIC shares rise 1.5% as OFS opens for retail investors today
Government of India’s OFS in LIC will remain open for retail investors today.
On Wednesday, the Life Insurance Corporation of India (LIC) shares experienced a 1.5% increase, opening at ₹397.25 following the government's offer for sale. This surge came after a significant drop in the previous trading session. The government's decision to offer 50.59 crore equity shares, now oversubscribed by 3.32 times, was driven by strong demand from institutional investors.
The OFS attracted bids worth ₹36,400 crore from these entities, marking the largest subscription amount for any offer of its kind. The enthusiasm from institutional investors underscores robust confidence in LIC and highlights the strength of India's financial market.
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