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Centre's PSU disinvestment drive gets a helping hand from LIC, SBI

The two lapped up the bulk of shares during the offers for sale of HAL, Bharat Dynamics

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The life insurance giant subscribed nearly 50 per cent of shares on offer in the HAL OFS, while LIC and SBI put together bought nearly three-fourths of the shares in the BDL OFS

Sundar Sethuraman Samie Modak Mumbai

3 min read Last Updated : Oct 20 2020 | 1:11 AM IST

The government’s 2020-21 disinvestment drive would have been off to a rocky start if not for the helping hand from state-owned institutions, such as Life Insurance Corporation (LIC) and State Bank of India (SBI).

The Centre kicked off this fiscal year's disinvestment programme with a Rs 4,900-crore offer for sale (OFS) from Hindustan Aeronautics (HAL) and followed it up with the Rs 770-crore OFS from Bharat Dynamics (BDL).

The latest shareholding data for the two defence stocks revealed that LIC and SBI played white knight to the government.

The life insurance giant subscribed nearly 50 per cent of shares on offer in the

Topics : PSU Disinvestment Disinvestment sbi Life Insurance Corporation Hindustan Aeronautics Bharat Dynamics initial public offerings IPOs

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