New Delhi, Aug. 5 -- The Government has raised Rs 31,552 crore through the Offer for Sale (OFS) in Life Insurance Corporation of India (LIC), with the issue receiving an overwhelming response from both retail and institutional investors, according to a social media post by the Department of Investment and Public Asset Management (DIPAM).

The DIPAM Secretary said the LIC OFS was oversubscribed on both days, following which the Government exercised its entire green shoe option.

With the successful completion of the OFS, the Government has increased LIC's public shareholding to 10 per cent, achieving the minimum public shareholding (MPS) requirement ahead of schedule.

According to the post, 82,23,33,558 shares were allocated under the off...