Government, which has 100% ownership of LIC, will sell its 5% stake through IPO
Government, which has 100% ownership of LIC, will sell its 5% stake through IPO
Life Insurance Corporation of India (LIC) on Sunday, February 13, 2022, filed its draft red herring prospectus to kick-start the initial public offering (IPO) process. Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), said 31.6 crore shares are on offer which represent the government’s 5% stake in the firm.
The conclusion of LIC’s share sale through IPO by March 31 is crucial for the government to achieve its disinvestment target for this year, even though it has been reduced from ₹1.75 lakh crore to ₹78,000 crore.
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