India to sell 3.5% stake in Life Insurance Corp

A person walks previous a Life Insurance coverage Company of India (LIC) emblem at a metro station in Mumbai, India, January 31, 2022. REUTERS/Francis Mascarenhas

NEW DELHI/MUMBAI, April 23 (Reuters) – The Indian authorities is seeking to promote a three.5% stake in state-owned insurance coverage behemoth Life Insurance coverage Company of India (LIC), a senior authorities and banking supply instructed Reuters on Saturday.

The itemizing is anticipated to hit the markets in first week of Might and particulars on reservations, low cost, difficulty date and value is more likely to be introduced by April 27, the sources mentioned.

“There’s completely no demand available in the market proper now for IPOs. Contemplating the volatility available in the market, buyers are persevering with to stay cautious. At such occasions doing the next stake sale doesn’t make sense,” the funding banking supply mentioned.

The finance ministry didn’t instantly reply to an e-mail looking for remark which was despatched outdoors of enterprise hours.

The federal government has halved its fundraising purpose from a stake sale in LIC to 300 billion rupees ($three.9 billion), having needed to lower its valuation estimates after suggestions from buyers, a authorities supply mentioned on Friday. learn extra

($1 = 76.4600 Indian rupees)

Modifying by Swati Bhat and Ros Russell

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