Life Insurance Corporation of India (LIC) shares rose 1.5% as the company’s offer-for-sale (OFS) opened for retail investors on August 5. The stock opened at ₹386 per share on the National Stock Exchange, recovering from a previous close of ₹391.30 and bouncing back after an over 8% drop in the prior session, according to livemint.com.
The OFS mechanism allowed retail investors to participate in the sale of LIC shares, marking a key step in the government’s disinvestment strategy. The stock initially opened lower but traded in positive territory during the session, rising as much as 0.18% on the NSE. The share price movement reflected investor interest following the sharp decline in the previous trading day, as reported by thehindubusinessline.com.
This OFS is part of the government’s ongoing efforts to reduce its stake in LIC and raise funds from the market. The share price volatility highlights the market’s response to the large-scale sale of shares in a state-run insurer. LIC’s OFS is among the significant disinvestment moves in the insurance sector, following earlier government attempts to attract retail participation in public sector enterprises.
The OFS for LIC retail investors opened on August 5, with shares trading at ₹386 apiece on the NSE, per livemint.com. Market participants will closely monitor the subscription levels and price movement as the government proceeds with its stake sale plans.