We mentioned in the Coal India OFS analysis that we didn’t see the demand for the offer as very much and the issue might need to be rescued.
This government, like earlier ones, might be calling certain companies to come in before 3:30, such as those named Life Insurance Corporation of India. New emperor, same clothes? This day will tell.
And it turns out that fated call did happen. From Economic Times:
Life Insurance Corporation and other domestic institutions bailed out the government’s biggest disinvestment offering by picking up a substantial chunk of Coal India’s shares in the offer for sale (OFS) that concluded on Friday. The insurer is believed to have invested more than Rs 10,000 crore, helping the new government’s first major disinvestment offering sail past the finish line.
They managed to sell 22,000 cr. worth shares. 10,000 cr. out of 22,000 cr. to LIC alone? That’s a lot. And it was a […]