Govt mobilises Rs 31,552 crore via LIC offer for sale

Mumbai: The Government has mobilised ₹31,552 crore through the Offer for Sale (OFS) of Life Insurance Corp of India (LIC), with the issue witnessing participation from both retail and institutional investors, according to a post by the Department of Investment and Public Asset Management (DIPAM). "With this, the public ownership of LIC has increased to 10%, 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 ₹31,552 crore, making it India's largest public offering ever," the DIPAM Secretary said on X.

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The non-retail portion was subscribed more than three times on Tuesday, the first day of the issue. Retail bids were placed for more than 940 million shares against the 284.6 million on the block, prompting the government to activate the green shoe option.