‘Govt considering foreign institutional investment of up to 20% in LIC IPO’
Indian government is considering allowing foreign institutional investment of up to 20% in Life Insurance Corporation, according to a government source, reported Reuters on Wednesday.
The listing of LIC is set to be India’s biggest ever IPO, with the government aiming to raise up to Rs 90,000 crore ($12.24 billion) from its stake sale.
Goldman Sachs Group Inc., JPMorgan Chase & Co. ICICI Securities Ltd. were among banks picked to work on Life Insurance Corp. of India’s initial public offering, in what’s set be the nation’s biggest listing, Bloomberg reported last month.
Kotak Mahindra Capital Co., JM Financial Ltd., Citigroup Inc. Nomura Holdings Inc. were also selected to work on the share sale that’s slated for early next year, after 16 investment banks presented their pitches to the government, people with knowledge of the matter said, asking not to be identified because the information isn’t public.
Banks will start engaging with investors from September, with a potential listing expected between January March next year, one of the people said.
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