The DIPAM Secretary said the LIC OFS was oversubscribed on both days, following which the Government exercised its entire green shoe option. "Offer for Sale in the Life Insurance Corporation of India (LIC) closed with an overwhelming response from both retail and institutional investors. The issue was oversubscribed on both days, and the Government exercised its entire green shoe option. The disinvestment was aimed at helping LIC meet the minimum public shareholding (MPS) norms prescribed for listed companies. With the issue receiving strong demand across investor categories, the Government exercised the full green shoe option, taking the total sale to its maximum size.