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Stock Market News

Indian government plans to raise nearly $4 billion via mega LIC IPO

04/22/2022

Less than a minute

2022.04.22 10:11

Indian government plans to raise nearly $4 billion via mega LIC IPO
FILE PHOTO: An exterior view of Life Insurance Corporation of India (LIC) eastern zonal head office building in Kolkata, India, February 14, 2022. REUTERS/Rupak De Chowdhuri

By Aftab Ahmed

MUMBAI (Reuters) – The Indian government is planning to raise about 300 billion Indian rupees ($3.93 billion) from selling a just over 5% stake in insurance behemoth Life Insurance Corporation of India, a government source said.

The Indian government has pegged LIC’s valuation at around 6 trillion rupees, according to the source.

($1 = 76.3510 Indian rupees)

Source

04/22/2022

Less than a minute