Troubleshooter: LIC hand in 4 of 6 public sector share sales in 2018

LIC also bought 7 per cent stake in the defence company for Rs28.4 bn

Life Insurance Corporation of India (LIC) continues to be a pillar of support in the Centre’s disinvestment drive. The insurance major made a significant investment in two-thirds of public sector undertaking (PSU) IPOs launched in 2018, shows an analysis of shareholding data.

The state-owned insurance giant bought 28 per cent of the total shares on offer in Garden Reach Shipbuilders’ share sale. LIC acquired 7.3 per cent stake in the shipbuilding firm by investing nearly Rs1 billion in its Rs3.4-billion maiden offering. Similarly, LIC led from the front during the public issue of Hindustan Aeronautics, by mopping up 70 per cent