LIC offer for sale over subscribed 3.3x

The central government has exercised a 4% greenshoe option in the offer for sale (OFS) of Life Insurance Corporation of India (LIC) following a 3.32 times oversubscription of the non-retail portion of the issue on its opening day. This decision increases the total offer size to 822.25 million shares, representing 6.5% of the insurer’s equity. The floor price for the OFS was set at INR 382 per share.Following the completion of this 6.5% stake sale, the government will continue to hold approximately 90% of the firm.