LIC OFS receives retail bids for 5.76cr shares by mid-afternoon
Business
LIC's latest offer for sale (OFS) got a strong thumbs up from retail investors on Wednesday: bids came in for 5.76 crore shares by mid-afternoon, which is 1.82 times the base issue of 3.16 crore shares.
Out of the total 8.22 crore shares set aside for retail buyers (10% of the OFS), about 70% were snapped up.
LIC shares trade above ₹393
LIC's share price was trading above the OFS floor price at ₹393, while retail investors who bid at cut-off are eligible for a ₹10-per-share discount.
The OFS helps LIC meet public shareholding rules and supports the government's plan to sell a total 6.5% stake in LIC this round.
Institutional investors were also keen, subscribed 3.32 times the base size and putting in bids worth around ₹36,400 crore on Tuesday alone.