Kathmandu. The Government of India is preparing to sell an additional stake in public sector insurance company Life Insurance Corporation of India (LIC).
The Department of Disinvestment will prepare the details of this transaction. The Government of India currently holds 96.5 per cent stake in LIC. It had sold a 3.5 per cent stake in the price range of Rs 902-949 per share through an IPO in May 2022. The government had earned around Rs 21,000 crore from the stake sale of LIC.
The Government of India has approved the sale of an additional stake in LIC through the Offer for Sale (OFS) route and discussions are still in the preliminary stage. It is the responsibility of the Department of Disinvestment to look into the market situation and finalize the stake sale.
The Government of India is required to sell an additional 6.5 per cent stake in LIC to meet the mandatory 10 per cent public shareholding requirement by May 16, 2027. A decision on the amount, price and time of the share sale will be taken in the coming time.
The current market capitalization of LIC is Rs 5.85 lakh crore.
