economy
India to raise up to $3.3 billion by selling stake in country’s largest life insurer at 10% discount
Indian government plans to raise up to $3.3 billion by selling its stake in the country's top life insurance company.
TL;DR
- Indian government to sell up to 6.5% stake in Life Insurance Corporation (LIC).
- Potential proceeds of up to 314 billion rupees ($3.3 billion) from the stake sale.
- Shares offered at a 10% discount to Monday's closing price, at 382 rupees per share.
- Sale aims to comply with regulatory requirements for minimum public shareholding.
- Government needs to reduce its 96.5% stake in LIC to 75% by 2032.
- LIC holds over 56% market share in India's life insurance sector.
- Government previously raised over $2.7 billion from LIC's IPO in 2022.
- This follows other recent stake sales by the government, raising a total of 210 billion rupees earlier in the year.