Mumbai: The Centre on late Monday announced an Offer for Sale (OFS) in Life Insurance Corporation of India (LIC), with the issue set to open for non-retail investors on Tuesday.Retail investors can bid Wednesday for the insurer, said DIPAM (Department of Investment and Public Asset Management) on X. LIC, the biggest life insurer by policyholders, has a market capitalisation of $28.4 billion.The OFS comprises a base offer of 2.5% of LIC's paid-up equity, with an additional 4% greenshoe option in case of oversubscription, taking the total potential divestment to 6.5%.Also Read: Sebi extends PaRRVA enrollment deadline to Sep 3 for investment advisers, research analystsThe move is part of the government's broader disinvestment strategy and is expected to help the insurer meet the minimum public shareholding (MPS) norms ahead of schedule, DIPAM said on X.The floor price for the OFS has been fixed at ₹382 per share, a discount of about 10% to LIC's Monday's closing price of ₹424.40 on NSE.As of March 2026, the government holds a 96.5% stake in LIC.The government has divested holdings through a series of OFS transactions and have offloaded/sold small stakes in state-run enterprises like Central Bank of India, Coal India, NHPC and NLC India. The first OFS, of the Central Bank, was in late May this year.