LIC IPO Likely To Open On May 4, Close On May 9 ,govt to sell 3.5% stake in state-owned insurer
The much-awaited initial public offering of the country's largest insurer Life Insurance Corporation (LIC) will open on May 4 and close on May 9, PTI reported quoting sources.
The IPO is likely to fetch Rs 21,000 crore to the exchequer. The government is planning to sell 3.5 per cent stake in the state-owned LIC. The IPO values LIC at Rs 6 lakh crore.
In February, LIC had filed draft papers with Securities and Exchange Board of India (Sebi) wherein it had said that the government would sell 5 per cent stake or 31.6 crore shares in the insurer.
LIC's embedded value, which is a measure of the consolidated shareholders value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021.
The government has pegged disinvestment receipts at Rs 65,000 crore in the current fiscal, up from Rs 13,531 crore raised in the last fiscal.
The government has pegged divestment receipts at Rs 65,000 crore for 2022-23, up from Rs 13,531 crore last fiscal.