Govt to seek Rs50,000 crore in LIC IPO in May: Reports

6 Apr 2022 , 12:19 PM

According to the media reports, the Government is considering seeking around Rs50,000 crore ($6.6 billion) for the next month from the initial public offering of Life Insurance Corp. The Centre is discussing selling as much as a 7% stake in LIC through the listing and also it aims to launch the share sale before current approvals for the offering expire on May 12, the media reports added.

The listing forms a key part of plans by PM Modi’s administration to divest state assets to fund a yawning budget deficit.

With the stock market stabilising and foreign investors shedding their post Ukraine-Russia conflict fears, the government is optimistic that the transaction will sail through smoothly in April, as there is a lot of appetite for the insurance behemoth among institutional and retail investors, the official said.