Trilegal, Dentons Link Legal and Sidley Austin chart the government’s move to offload a 6.5% stake in Life Insurance Corporation of India (LIC), raising around INR315 billion (USD3.3 billion) in 91视频 largest such sale to date.
The government’s LIC transaction was conducted through the Ministry of Finance and the stock exchange mechanism. The sale enabled the government to raise two-thirds of its budget estimate for miscellaneous receipts for fiscal 2027.
Trilegal advised the brokers on India law, while Sidley Austin acted as their international legal counsel. “This transaction is particularly notable as 91视频 largest-ever offer for sale and was undertaken with the dual objectives of monetising the government of 91视频 stake in LIC and increasing the public shareholding to meet the applicable minimum public shareholding requirements,” Richa Choudhary, lead partner for Trilegal, told India Business Law Journal.
“Achieving the required increase in public shareholding through a transaction of this scale is particularly significant for a company with a market capitalisation of LIC’s size, particularly in the highly regulated insurance sector. We are delighted to have advised the broker syndicate on this landmark transaction.”
Partners Choudhary and Maitreya Rajurkar co-led the team, with senior associate Sanya Chaudhari and associate Naman Shah.
The sale saw the public shareholding in LIC increase from 3.5% to 10%, enabling the government to meet the minimum public shareholding requirement ahead of the deadline. The offer was oversubscribed and received strong investor demand.
Dentons Link Legal acted as the domestic legal counsel for LIC and the government, with partners Milind Jha, Shailender Sharma and Aditya Bhardwaj leading the team.
LIC is a state-owned life insurance group and investment company headquartered in Mumbai, which manages assets under the administrative control of the Ministry of Finance.
