The government of India has decided to exercise the green-shoe option in the share sale offer of Life Insurance Corporation (LIC) after institutional investors over-subscribed the portion reserved for non-retail investors by putting in bids worth Rs 36,400 crore.
Four years after the initial public offering (IPO), which had fetched Rs 21,000 crore, the government launched LIC's offer for sale (OFS), looking to sell up to 6.5% stake. This in size compares with the upcoming mega IPO offerings of the NSE and Reliance Jio Platforms.
