Trilegal advises on India’s largest-ever OFS in LIC

Trilegal, an Indian law firm, served as counsel to the broker syndicate for the Government of India’s stake sale in LIC valued at ₹31,552 crore (about $3.3 billion), the country’s largest offer‑for‑sale to date, which was completed on Monday.

The transaction saw the President of India, acting through the Ministry of Finance, divest a 6.5 % stake in LIC via the stock exchange. The issue was oversubscribed, indicating strong investor demand.

The sale increased LIC’s public shareholding from 3.5 % to 10 %, enabling the government to satisfy the minimum public shareholding requirement ahead of the regulator’s deadline. The proceeds accounted for roughly two‑thirds of the FY 2027 budget target for miscellaneous receipts.

Trilegal represented the syndicate comprising Goldman Sachs, BNP Paribas, Motilal Oswal, and IIFL Capital. The deal team was led by partners Richa Choudhary and Maitreya Rajurkar, with senior associate Sanya Chaudhari and associate Naman Shah also contributing.

LIC is one of India’s leading insurers. Prior to this transaction, the government held a 96.5 % stake in LIC following its initial public offering in 2022.

Trilegal is a full‑service Indian law firm with 161 partners and over 1,300 professionals spread across seven offices, including Mumbai, Delhi, and Bengaluru. The firm earned the Law Firm of the Year title at the ET Global Legal Awards 2026 and was named Best Overall Law Firm by India Business Law Journal in 2025, among other accolades.

Published on August 10, 2026