Business Standard ·
Economy, business and finance
ICICI Pru MF, SBI MF corner more than half of LIC's ₹31,552 crore OFS
ICICI Prudential MF and SBI MF together bought over half of LIC's ₹31,552-crore OFS, sharply raising mutual funds' holding in the insurer
ICICI Prudential Mutual Fund (MF) and SBI MF together acquired nearly 423.9 million shares worth ₹17,145 crore in Life Insurance Corporation of India’s (LIC’s) offer for sale (OFS) in August, accounting for more than half of the ₹31,552-crore issue, an analysis of the latest MF holding data shows. The Union government raised ₹31,552 crore through the OFS by selling a 6.5 per cent stake in the insurance giant.