Govt to sell 3.5% stake in Life Insurance coverage Corp: Sources
BRAND-NEW DELHI/MUMBAI: The Indian federal government is looking to sell a 3.5% stake in state-owned insurance leviathan Life Insurance Coverage Corporation of India (LIC), a senior government and banking source informed Reuters on Saturday.
The listing is anticipated to strike the markets in very first week of May and details on appointments, discount rate, concern date and cost is likely to be announced by April 27, the sources stated.
“There is absolutely no demand in the market right now for IPOs. Considering the volatility in the market, financiers are continuing to remain careful. At such times doing a higher stake sale does not make sense,” the investment banking source stated.
The finance ministry did not instantly respond to an e-mail looking for comment which was sent out beyond organization hours.
The federal government has actually halved its fundraising goal from a stake sale in LIC to 300 billion rupees ($3.9 billion), having actually had to cut its valuation approximates after feedback from investors, a government source said on Friday.
Published at Sat, 23 Apr 2022 15:18:14 +0000