Shares of Life Insurance Corporation of India (LIC) shed over 1% to Rs 387.60 apiece on the BSE on Thursday, after the government concluded its two-day Offer for Sale (OFS), the largest-ever such share sale. The government exercised the greenshoe option to offload an additional 4% stake, taking the total stake sale to 6.5% of LIC’s equity, compared with the base offer size of 2.5%. The floor price for the OFS was set at Rs 382 per share.
The issue was oversubscribed on both days, driven by strong participation from retail and institutional investors, allowing the government to exercise the entire greenshoe option and raise Rs 31,552 crore through the OFS.
