India to Sell Up to 6.5% Stake in LIC at 10% Discount to Monday Close
To meet regulatory requirements, the Indian government will sell up to a 6.5% stake in state-owned Life Insurance Corp. of India (LIC) at a 10% discount to Monday’s closing price. LIC said in an announcement filed with the stock exchanges on Monday that the share sale could raise as much as 314 billion rupees ($3.3 billion) for the government. The transaction includes a base offer of a 2.5% stake and an option to sell an additional 4% stake in India’s largest insurer. The offer is priced at 382 rupees per share, with subscriptions open from Tuesday through Wednesday.
To meet regulatory requirements, the Indian government will sell up to a 6.5% stake in state-owned Life Insurance Corp. of India (LIC) at a 10% discount to Monday’s closing price.
LIC said in an announcement filed with the stock exchanges on Monday that the share sale could raise as much as 314 billion rupees ($3.3 billion) for the government.
The transaction includes a base offer of a 2.5% stake and an option to sell an additional 4% stake in India’s largest insurer. The offer is priced at 382 rupees per share, with subscriptions open from Tuesday through Wednesday.
LIC said in an announcement filed with the stock exchanges on Monday that the share sale could raise as much as 314 billion rupees ($3.3 billion) for the government.
The transaction includes a base offer of a 2.5% stake and an option to sell an additional 4% stake in India’s largest insurer. The offer is priced at 382 rupees per share, with subscriptions open from Tuesday through Wednesday.