The offer-for-sale through stock exchanges conducted by Indian Oil Corporation would have bombed had LIC not come to the rescue.
LIC increased its stake in the oil marketing company by acquiring over 20.87 crore shares (8.59 per cent) taking its total shareholding in the public sector oil major to over 26.98 crore shares (11.11 per cent).
The shares were picked up in a combination of offer-for-sale and open market purchases, said a statement from LIC.