India halts LIC stake sales for 2 to 3 years
Business
The Indian government just made it clear: there will not be any more LIC stake sales for the next two to three years.
Before this pause, they are offering a base 2.5% stake in LIC through an offer for sale (OFS) on August 4-5, with an additional 4% green shoe option.
LIC shares down 7.4% at ₹396.80
To make sure there is enough buzz, officials have reached out to more than 50 global and domestic funds.
DIPAM Secretary Arunish Chawla shared that if all goes well, this sale will help the government meet its Minimum Public Shareholding milestones ahead of schedule.
Still, LIC shares were trading at ₹396.80, down 7.4% (₹31.70) in afternoon trade on Tuesday.
Non-retail investors can bid on August 4; retail investors get their turn on August 5 at a floor price of ₹382 per share.