LIC insurance behemoth bought - 46%shares of RCF

LIC insurance behemoth bought 46% shares of RCF : Life Insurance Corporation of India (LIC) once again played the role of a white knight to rescue the share auction of Rashtriya Chemicals and Fertilizers (RCF) by the government.
The insurance behemoth bought 46%, or 31.63 million of the 69 million shares on offer of RCF during its offer for sale (OFS) last week.

This is not the first time LIC has bailed out a government disinvestment it had bought more than half of the bids in the ONGC and Hindustan Copper offering as well.

"We have not bailed out anyone. We have examined this (RCF) issue by its own strength and then taken a decision to participate. We will examine the future issues in a similar manner and then take a call,” D K Mehrotra, chairman of LIC told Business Standard today.

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