1 month ago
Trilegal Advises on India's Largest-Ever LIC Stake Sale
The Indian government owns part of a big insurance company called LIC.
It decided to sell some of those shares to the public.
The sale raised about ₹31,552 crore, which is around $3.3 billion.
This was the biggest sale of its kind ever done in India.
A law firm called Trilegal helped the banks that handled the sale.
The banks were Goldman Sachs, BNP Paribas, Motilal Oswal, and IIFL Capital.
Many investors wanted the shares, so the sale was a big success.
Before the sale, the public only owned 3.5% of LIC; after it, they own 10%.
The government needed to reach this level to follow the rules for publicly traded companies.
The money from the sale also helps the government pay for the things it plans to do.
Trilegal advised the broker syndicate on India's largest-ever offer for sale, the Government of India's ₹31,552 crore (approximately $3.3 billion) stake sale in Life Insurance Corporation of India (LIC), completed Monday.
The President of India, acting through the Ministry of Finance, divested a 6.5% stake in LIC through the stock exchange mechanism.
The offer was oversubscribed, reflecting strong investor demand.
The sale raised LIC's public shareholding from 3.5% to 10%, meeting the minimum public shareholding requirement ahead of the regulatory deadline.
The broker syndicate comprised Goldman Sachs, BNP Paribas, Motilal Oswal, and IIFL Capital; Trilegal's team was led by partners Richa Choudhary and Maitreya Rajurkar.
- Who
- The Government of India, acting through the Ministry of Finance, sold the stake, with Trilegal advising the broker syndicate of Goldman Sachs, BNP Paribas, Motilal Oswal, and IIFL Capital.
- What
- India's largest-ever offer for sale — the divestment of a 6.5% stake in Life Insurance Corporation of India for ₹31,552 crore (approximately $3.3 billion).
- Where
- India, through the stock exchange mechanism.
- When
- Completed Monday; reported in an article published August 10, 2026.
- Why
- To raise LIC's public shareholding from 3.5% to 10% to meet the minimum public shareholding requirement ahead of the regulatory deadline, and to help the government achieve roughly two-thirds of its budget estimate for miscellaneous receipts for Fiscal Year 2027.
Key facts
- Transaction value
- ₹31,552 crore (approximately $3.3 billion)
- Stake divested
- 6.5% in Life Insurance Corporation of India
- Transaction type
- Offer for sale (OFS) through the stock exchange mechanism
- Public shareholding
- Increased from 3.5% to 10%
- Government's prior stake
- 96.5% before the transaction
- Broker syndicate
- Goldman Sachs, BNP Paribas, Motilal Oswal, IIFL Capital
- Legal adviser
- Trilegal, led by partners Richa Choudhary and Maitreya Rajurkar
- Status
- Oversubscribed; completed Monday
Sources
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