India’s state-owned LIC buys 86% of Indian Oil shares on offer

Life Insurance Corporation of India, bought 86 percent of shares on offer, in state-run Indian Oil Corp ,salvaging a $1.4 billion government sale, as the Indian market took its biggest tumble in more than six years.

• It heavily supported the sale of Coal India shares in January and the sale of shares in Steel Authority of India (SAIL) last year.
• The investments have sometimes proved fruitful for LIC, with stock in the State Bank of India, which was invested in January 2014, up more than 60 percent.
• The sale was undermined by the sharpest fall in the Indian stock market, since January 2009.Next on the stump for the government are sales, including a 10 percent slice of Coal India and stakes in NTPC, Bharat Electronics, Hindustan Copper.
• LIC Chairman– S K Roy
• Indian Oil Chairman – B. Ashok