India Seeks Up to $3.3 Billion From LIC Stake Sale: ECM Watch

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessIndia Seeks Up to $3.3 Billion From LIC Stake Sale: ECM WatchIndia plans to raise as much as $3.3 billion by selling a stake in state-run Life Insurance Corp., as the government seeks to bolster public finances strained by higher oil prices.Author of the article:Rajesh Mascarenhas and Ashutosh Joshi You can save this article by registering for free here. Or sign-in if you have an account.A logo outside a Life Insurance Corp. of India (LIC) branch office in Mumbai, India, on Saturday, May. 14, 2022. LIC shares were offered at 902 rupees to 949 rupees apiece. Trading on the stock exchange is due to begin May 17. Photo by Dhiraj Singh /Bloomberg(Bloomberg) — India plans to raise as much as $3.3 billion by selling a stake in state-run Life Insurance Corp., as the government seeks to bolster public finances strained by higher oil prices.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe offer, comprising a minimum sale of 316.2 million shares, or a 2.5% holding, is valued at 120.8 billion rupees ($1.3 billion) at a floor price of 382 rupees apiece. The government also has an option to sell an additional 4% if demand is robust. The base offering was subscribed 87% at 2:00 pm local time. The transaction, one of India’s largest offer-for-sale deals, comes as New Delhi grapples with fiscal pressure due to the US-Iran war. The government has buffered citizens from high energy prices by absorbing much of the increase. Selling shares in state-run firms has emerged as an important source of revenue, giving the government headroom to manage its finances.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againPrime Minister Narendra Modi’s administration raised almost $2 billion from share sales in the three months ended June as part of its asset sale target of 800 billion rupees for the 2026-27 fiscal year. That already surpasses the total proceeds from such deals in each of the past three years, data compiled by Bloomberg show.Read: India’s Sitharaman Says No Plan to Adjust Budget Numbers for Now“Its a good call from the Indian government,” said Gurmeet Chadha, chief investment officer at New Delhi-based wealth manager Complete Circle Wealth. With state-run firms improving profitability and dividend payouts, the government has been proactive with stake sales, he added.LIC shares slumped as much as 9.3% in Mumbai after the offer price was priced at a discount of nearly 11% to Monday’s close. Prior to the stake sale announcement, the insurer’s shares had been little changed this year. Stories that Bloomberg is following:KKR-Backed Infinx Services Said to Weigh $300 Million India IPOChinese Startup AI² Robotics Is Said to Consider Hong Kong IPOAI² Robotics Working With Advisers on Next Year HK IPO: SourcesIndia Eyes Up to $3.3 Billion in Insurance Giant Stake SaleBain-Backed Dhoot Trans Sets Price Band for Its $322M India IPOPoojaa Precision Engg Pre-MKT Discovery Price at 470 RupeesMolbio Diagnostics’ India IPO to Open Aug. 10, Close Aug. 12Alibaba-Backed 3D-Modeling Startup Vast Is Said to Weigh HK IPOVast Is Working With Bofa, CICC on HK Share Sale: SourcesAlibaba-Backed 3D-Modeling Startup Vast Is Said to Weigh HK IPOEvery INC Opens at 294 Yen, IPO at 230 YenJuniper Green’s $189M India IPO Gets 8 Times Demand for SharesMV Electrosystems India IPO Gets 189 Times Demand for SharesAustralian Watchdog Proposes More Flexibility for IPO MarketingArvind Opens QIP at INR518.58/Share Floor PriceMV Electrosystems India IPO Gets 189 Times DemandWhat to watch for in Asia equity capital markets:Expected to trade: Manipal Health Enterprises (MANIPALH IN) $972 million IPO 21.6 million shares at 560 rupees – 590 rupees eachIPO lockup expiring: Muyuan Foods Group Co Lt (2714 HK)Han’s CNC (3200 HK) –NSDL (NSDL IN)Insight Lifetech (688712 CH)Book building end: Huaan Jinjiang Close-end Commercial Real Estate Investment Fund (508609 CH) $277 million IPO via Guotai Haitong Securities 700 million shares at 2.67 yuan eachThis advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Expected to trade: Juniper Green Energy (JNPR IN) $188.1 million IPO via HSBC Securities & Capital Markets India Priv, ICICI Securities Ltd, JM Financial Ltd, Kotak Mahindra Capital Company; at 214 rupees – 225 rupees eachIPO lockup expiring: Fadu (440110 KS)Hansong Nanjing Technology (301491 CH)Asia ECM Weekly AgendaBloomberg IPO dataTo receive the ECM Agenda in your inbox daily, click the “subscribe” button at the top of this articleClick here for Bloomberg’s IPO pipeline for Asia, updated weekly on Thursday with the latest news on upcoming listings.What are we missing? Get in touch with the editor here.League table for Asia-Pacific equity offerings for 2026: Note: For the full rankings, click hereThis story was produced with the assistance of Bloomberg Automation.—With assistance from Ruchi Bhatia and Shruti Srivastava.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.