Government May Let Foreign Investors Buy Up To 20% In LIC IPO: Report
NDTV
The listing of LIC is set to be the country's biggest ever initial public offering, with the government aiming to raise up to Rs 90,000 crore from its stake sale.
The government is considering allowing foreign institutional investors to buy up to 20 per cent of state-owned Life Insurance Corporation's initial public offering, a government source said on Wednesday.
The listing of LIC is set to be the country's biggest ever initial public offering, with the government aiming to raise up to Rs 90,000 crore ($12.2 billion) from its stake sale.
At present, even though foreign institutional investors are allowed to hold up to 74 per cent of private insurance companies and up to 20 per cent of state-owned banks, they are not permitted to own shares in LIC.
Enabling this would allow foreign pension funds, insurance companies and mutual funds to participate in the IPO of India's largest life insurer.
