India, Aug. 4 -- The Government will sell up to a 6.5 per cent stake in Life Insurance Corporation (LIC) at a floor price of Rs 382 per share through a two-day Offer for Sale (OFS) beginning Tuesday.

The issue opens for non-retail investors on Tuesday and for retail investors on Wednesday.

If fully subscribed, the sale of over 82.22 crore shares or a 6.5 per cent stake at the given floor price will fetch about Rs 31,000 crore to the disinvestment kitty. The floor price is at a 10 per cent discount over Monday's closing price of LIC shares of Rs 424.35 on the BSE.

"Government offers to disinvest 2.5 per cent equity with an additional 4 per cent as a green shoe option," Department of Investment and Public Asset Management (DIPAM) Secreta...