Govt mulls stake sale in LIC via FPO in next financial year

The government is actively considering further reducing its stake in insurance behemoth LIC through a public offering in the next financial year, Financial Services Secretary M Nagaraju said on Monday.Currently, the government holds a 96.5 per cent stake in Life Insurance Corporation (LIC). It had sold 3.5 per cent through an initial public offering (IPO) in May 2022 at a price band of Rs 902-949 per share. The share sale fetched the government around Rs 21,000 crore.Talking to reporters, Nagaraju said, "LIC public offer has to be done slowly. We have asked DIPAM (Department of Investment and Public Asset Management) to look at government stake dilution in LIC." "LIC FPO may come in the next financial year if all approvals are in place and market conditions are conducive," he added.The gov

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