Life Insurance Corporation's (LIC) offer for sale is set to become the biggest on record with GoI exercising the greenshoe option to divest an additional 4% stake beyond the 2.5% base lot.
The floor price has been set at ₹382 per share.
At the floor price, the 6.5% stake would be valued at ₹314.1 bn ($3.29 bn).
GoI is on the right divestment course, testing investor appetite for the country's largest insurer before committing the extra stake.
It also attains the primary objective of raising the public shareholding in LIC to 10%, a commitment given to Sebi at the time of its IPO when a 3.5% stake was sold because of the size of the issue.
