LIC OFS opens on August 4: Here's all you need to know
Shares of Life Insurance Corporation of India ended at ₹424.35, down by ₹0.50, or 0.12%, on the BSE.
The government will sell up to a 6.5% stake in Life Insurance Corporation of India (LIC) through an Offer for Sale (OFS) at a floor price of ₹382 per share, beginning Tuesday (August 4).
The Department of Investment and Public Asset Management (DIPAM) said the OFS comprises a base offer of 2.5% of LIC's equity, along with an additional 4% green shoe option in case of oversubscription.
The OFS will open for non-retail investors on Tuesday, while retail investors can bid on Wednesday.
DIPAM Secretary Arunish Chawla said the stake sale will help the government achieve minimum public shareholding (MPS) milestones ahead of schedule.
Shares of Life Insurance Corporation of India ended at ₹424.35, down by ₹0.50, or 0.12%, on the BSE.