Centre Plans to Seek Cabinet Nod for 25% Stake Sale in LIC: Report
The Central government is planning to seek Cabinet’s approval to sell 25 per cent stake of Life Insurance Corporation (LIC).
According to a report by Bloomberg, the government plans to amend the act of Parliament under which the state-run Life Insurance Corp. of India was set up to prepare for the sale, some officials said, asking not to be identified as the discussions were private.
The timing of the insurer’s initial public offering (IPO) will be dependent on market conditions, and the sale is likely to be done in tranches, they added.
The government has picked Deloitte Touche Tohmatsu India Ltd. and SBI Capital Markets Ltd. to help Life Insurance Corp. of India prepare for an initial share sale.