Sidley Advises Goldman Sachs and BNP Paribas on India’s Largest-Ever Offer for Sale: Government of India’s US$3.3 Billion Stake Sale in LIC

Sidley advised Goldman Sachs and BNP Paribas on the Government of India’s US$3.3 billion divestment of a 6.5% stake in Life Insurance Corporation of India (LIC) via an offer for sale (OFS), a stock exchange mechanism for selling existing shares directly to the market.

This transaction is India’s largest-ever OFS.

LIC is the leading life insurance company in India, with over 56% market share based on premium income. As of the end of March 2026, LIC had assets under management of approximately US$600 billion.

Goldman Sachs and BNP Paribas served as seller’s brokers alongside Motilal Oswal Investment Advisors and IIFL Capital Services. The offer was oversubscribed, reflecting strong institutional and retail demand.

The Sidley team was led by Manoj Bhargava and included Rachna Talati, Oindree Bandyopadhyay, and Dhanush Dinesh (all Singapore).