Indian government plans 2% LIC stake sale for 10000 cr
The Indian government is planning to sell 2% of its shares in Life Insurance Corporation (LIC) next month, aiming to raise up to ₹10,000 crore (about $1 billion).
This step is all about getting more public ownership in the state's insurer.
Formal marketing for the sale is expected to begin next month, so things are moving soon.
DIPAM names Goldman Sachs, Motilal Oswal
DIPAM (the government's investment department) is running the show with help from big names like Goldman Sachs and Motilal Oswal.
The last LIC stake sale was back in May 2022 (India's largest IPO at the time) when 3.5% was sold for ₹21,000 crore.
Right now, the government still owns a massive 96.5% of LIC but needs to bring that down to meet SEBI rules by 2032.
Final details are still being discussed, but this move fits into ongoing efforts to increase public shareholding in LIC.