in

India government to sell 3.5% stake in Life Insurance Corp

A man walks past a Life Insurance Corporation of India (LIC) logo at a metro station in Mumbai
ADVERTISEMENT


The listing is expected to hit the markets in first week of May and details on reservations, discount, issue date and price is likely to be announced by April 27, the sources said.

“There is absolutely no demand in the market right now for IPOs. Considering the volatility in the market, investors are continuing to remain cautious. At such times doing a higher stake sale does not make sense,” the investment banking source said.

The finance ministry did not immediately respond to an email seeking comment which was sent outside of business hours.

The government has halved its fundraising goal from a stake sale in LIC to 300 billion rupees ($3.9 billion), having had to cut its valuation estimates after feedback from investors, a government source said on Friday.

ADVERTISEMENT

(Editing by Swati Bhat and Ros Russell)

By Aftab Ahmed and Nupur Anand



Source link

ADVERTISEMENT

What do you think?

5k Points
Upvote Downvote

Written by admin

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

Thousands of inquiries to service helping older people access vital insurance

Government cuts LIC IPO size to 3.5%, issue to hit markets in first week of May

Government cuts LIC IPO size to 3.5%, issue to hit markets in first week of May