Govt to promote 3.5% stake in LIC, IPO to fetch Rs 21,000 crore

The federal government is prone to promote a 3.5 per cent stake in Life Insurance coverage Company (LIC) by means of an preliminary public providing which can hit the markets within the first week of the subsequent month, an official stated.

The difficulty dimension is predicted to be price Rs 21,000 crore, valuing the nation’s largest insurer at Rs 6 lakh crore.

LIC is prone to file the pink herring prospectus with market regulator Sebi by Wednesday.

“LIC IPO is prone to come to the market in Could first week. 3.5 per cent stake dilution, topic to regulatory approval,” an official stated.

In February, LIC had filed draft papers with Sebi whereby it had stated that the federal government will promote 5 per cent stake or 31.6 crore shares within the state-run insurer.

Nonetheless, the IPO plans confronted headwinds as a result of ongoing volatility in inventory markets as a result of Russia-Ukraine struggle, forcing the federal government to chop the problem dimension to three.5 per cent.

Reservations for policyholders and staff, and reductions, situation dates and situation value can be identified by Wednesday, the official added.
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