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The Economic Times
The Economic Times
Debaroti Adhikary

LIC shares sink 9% as OFS opens at 11% discount. Here's all you need to know

LIC OFS Insurance Life Insurance Corporation of India India

Shares of Life Insurance Corporation of India (LIC) tumbled nearly 9% on Tuesday as the government’s offer for sale to sell up to a 6.5% stake in the insurance behemoth opened for non-retail investors today.

On Monday, LIC announced that the government plans to sell a 2.5% equity stake in the company as part of the base offer, with an additional 4% available as a green shoe option. The floor price for the OFS has been fixed at Rs 382 per share, implying nearly a 11% discount over the stock’s previous closing price of Rs 428.50 per share on NSE. The stock dropped to Rs 390.50 apiece on NSE on Tuesday morning.

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