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The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch ₹21,000 crore to the exchequer
Photo Credit : Reuters
The initial public offering of the country's largest insurer LIC will open on May 4 and close on May 9, sources said.
Sources said that the Board is likely to meet on April 27 to decide on the appropriate size and price band.
The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch ₹21,000 crore to the exchequer.
In February, LIC had filed draft papers with Sebi wherein it had said that the government would sell a 5 per cent stake or 31.6 crore shares in the state-run insurer.
The IPO values LIC at ₹6 lakh crore.
(With inputs from PTI)