Lagatar24 Desk
New Delhi, April 22: The Indian government, according to Reuters, plans to generate approximately Rs. 30,000 crore ($3.9 billion) via the sale of a stake of just over 5% in Life Insurance Corporation of India, half of what it had previously expected.
Following feedback from investors, LIC is now valued at roughly Rs. 6 lakh crore, much lower than the government’s prior estimations, according to the government source, who declined to be identified because the negotiations were private.
According to previous government estimates, the insurer is worth roughly Rs. 17 lakh crore.
The source said that the government will need to obtain new regulatory approval for the listing procedure.
An email seeking response from the finance ministry was not immediately returned.
