LIC continues to pump money into divestment plan

Life Insurance Corporation of India (LIC) continues to be the lifeline for the central government’s divestment plan. In the recent offer for sale (OFS) of NBCC, LIC is said to have picked up shares worth Rs 1,200 crore, which translates into 54 per cent of the total shares on offer during the stake sale. LIC now owns 4.86 per cent stake in the state-owned construction firm.
During Hindustan Copper OFS, LIC had picked up nearly 75 per cent of the shares on offer worth more than Rs 250 crore, taking its ownership in the company to 5.27 per cent.