LIC Stake Sale: Dentons Link Legal, Trilegal, Sidley Austin and FBT Gibbons act on India’s Largest OFS of $3.3 Billion

President of India, acting through the Ministry of Finance has sold off 6.5% stake in Life Insurance Corporation of India (“LIC”), by way of an offer for sale through the stock exchange mechanism.

The Government of India raised ₹31,552 crore (approximately US$3.3 billion), making the transaction India’s largest-ever offer for sale.

Dentons Link Legal advised the President of India (Government) on this Offer for Sale.

The transaction team consisted of Milind Jha (Partner), Aditya Bhardwaj (Partner) and Shailender Sharma (Partner).

Trilegal represented the broker syndicate comprising Goldman Sachs, BNP Paribas, Motilal Oswal and IIFL Capital.

The transaction was led by Richa Choudhary (Partner) and Maitreya Rajurkar (Partner), with support from Sanya Chaudhari (Senior Associate) and Naman Shah (Associate).

Sidley Austin and FBT Gibbons also advised on this transaction.

This monetisation exercise also enabled the Government of India to achieve approximately two-thirds of its budget estimate for miscellaneous receipts for Fiscal 2027.

The stake sale increased public shareholding in LIC, India’s largest insurer, from 3.5% to 10.0%, enabling the Government of India to meet the applicable minimum public shareholding milestone ahead of the prescribed deadline. The transaction received strong investor demand, with the offer being oversubscribed. 

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