Life Insurance Corporation's OFS Subscribed 2.27 Times

MT Newswires Live

Aug 06

Government of India's offer for sale in Life Insurance Corporation of India (NSE:LICI, BOM:543526) was subscribed 2.27 times at the close of bidding on Wednesday, a day after it decided to opt for the greenshoe option and expand the offering to 6.5% of its shareholding.

The Indian government sold a total of 822.2 million equity shares, amounting to a 6.5% stake in LIC.

The non-retail portion, comprising 740 million shares, received bids for 1.29 billion shares. The clearing price for non-retail investors was fixed at 383.10 rupees per share, above the floor price of 382 rupees.

The retail part included 82.2 million shares and secured bids for 57.1 million shares, amounting to a subscription of 69.4%. Retail investors were allotted shares at 373.10 rupees per share after a discount of 10 rupees to the non-retail clearing price.

Overall, the OFS received bids for 1.87 billion shares.

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