LIC buys up 59% of NTPC’s OFS


The Life Insurance Corporation of India (LIC) bought a majority of shares in a 5 percent NTPC stake sale worth $730 million. Although LIC ended up buying 59 percent – 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. But retail investors ended up buying only 44 percent of the shares allotted to them.