LIC OFS opens: Govt to sell up to 6.5% stake; check floor price, retail bidding; shares tumble 9%

The government on Tuesday announced that it will sell up to a 6.5% stake in LIC at a floor price of ₹382 per share through a two-day OFS. The issue opens for non-retail investors on Tuesday (August 4), while retail investors can bid on Wednesday (August 5). The long-awaited offer for sale (OFS) in Life Insurance Corporation (LIC) has finally opened, with the government launching a stake sale of up to 6.5% in the country's largest insurer.