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LIC board approves IPO issue size to be cut to 3.5% from 5%

The government will sell 3.5% equity for Rs 21,000 crore valuing India's largest insurer at Rs 6 trillion.

LIC IPO
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The government is awaiting approvals from Sebi, and will soon start talking to anchor investors

Nikunj Ohri New Delhi
Life Insurance Corporation of India’s board has approved reducing the issue size of the state-owned firm's initial public offering (IPO). The government will dilute 3.5 per cent of its shares in LIC for Rs 21,000 crore, subject to regulatory approval, said an official.

A proposal to reduce the size of LIC’s IPO to 3.5 per cent from 5 per cent proposed in its draft red herring prospectus (DRHP) was tabled and approved at a board meeting on Saturday,, the official said.

The government will now sell its 3.5 per cent equity in LIC for Rs 21,000 crore valuing India’s largest

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First Published: Apr 23 2022 | 8:06 PM IST

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