The Indian government has opened an offer for sale (OFS) for up to 6.54% of its stake in the Life Insurance Corporation of India (LIC), marking a significant step in the state's divestment strategy.
The bidding process for non-retail investors commenced on Tuesday, with retail participation scheduled to follow.
This move adds to the liquidity in the market as the government seeks to monetize its holdings in the country's largest insurer.
Indian equity markets extended their winning streak for a fourth consecutive session, driven by sustained buying from foreign portfolio investors.
The supportive backdrop of lower oil prices has bolstered sentiment, with the Sensex and Nifty 50 advancing.
The LIC OFS is expected to draw attention from institutional investors looking to acquire stakes in the financial sector giant at a discount.