LIC IPO News: The government will sell its stake in the public sector insurance company Life Insurance Corporation of India (LIC) IPO. Let us tell you that the government is planning to sell about 3.5 percent stake in the initial public offering (IPO) coming next month.
Government will raise Rs 21000 crore
An official said that the government stake will be sold during the IPO that opens in the first week of May. The government is planning to raise around Rs 21,000 crore by selling this stake. For its issue, LIC can file a final approval application with market regulator SEBI by Wednesday.
IPO likely to come in the first week of May
This official said with reference to LIC IPO, ‘LIC’s IPO is likely to hit the market in the first week of May. During this, the government will sell its 3.5 percent stake in LIC. However, regulatory approval is yet to be taken for this.’
documents were submitted in February
LIC had submitted documents with the Securities and Exchange Board of India (SEBI) in February last. At that time LIC had said that the government would sell 5 per cent stake in this insurance company, through which about 316 crore shares would be sold.
Size reduced due to Russia-Ukraine war
Let us tell you that LIC’s IPO was postponed for some time due to stock market volatility due to Russo-Ukraine war Was. Let us tell you that in view of the changed situation at this time, the government has reduced the size of the IPO. The government has reduced the size of the IPO to 3.5 percent.
Information will be available soon
Reservation, discount, issue date and issue price in issue for LIC policyholders and employees will be known by Wednesday, the official said.