LIC buys 59 per cent of NTPC’s OFS

398511-licThe Life Insurance Corporation of India (LIC) bought a majority of shares in a five per cent NTPC stake sale worth USD730 million. Although LIC ended up buying 59 per cent – or 243.15 million of the 412.27 million shares on offer – overall institutional demand, including that from foreign investors, was strong with bids worth 2-1/2 times the shares on offer. However, retail investors ended up buying only 44 per cent of the shares allotted to them.

In August, LIC salvaged a USD1.4 billion sale of shares in Indian Oil Corporation, and previously supported the sale of shares in Coal India, Steel Authority of India and state banks.

Nilesh Shetty, a fund manager at Mumbai-based Quantum Asset Management, said, “The environment is fairly weak right now. Most investors don’t want to buy into these companies. The quarterly results these companies are reporting are weak.”

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.