MUMBAI: The government has mobilised Rs 31,552 crore by divesting a 6.5% stake in life insurance major LIC through the offer for sale (OFS) that closed on Wednesday. Compared to 82.2 crore shares that were on offer, including the greenshoe option, total demand stood at 111.3 crore shares. Given the strong response, the shares were allotted at Rs 383.69 per share, slightly higher than the base price of Rs 382 per share.The Rs 31,552-crore fund raise made the LIC OFS the biggest public offer in the Indian stock market.Dipam secretary Arunish Chawla said on X that after offloading 6.5% in LIC, public shareholding in the life insurance major is now at the 10% level, and “it has achieved this critical milestone ahead of schedule.” The top govt official was indicating meeting Sebi’s minimum public shareholding norm for listed companies.
