India to scale back LIC initial share sale size

The Indian authorities is planning to reduce its transfer to dilute its share in state-owned insurer Life Insurance Corporation within the wake of financial uncertainty brought on by the Russia-Ukraine battle and uneven capital markets, in line with varied media shops.

The authorities has now determined to promote 3.5% of its shares in India’s largest life insurer, a step down from its earlier plan to promote 5%, topic to the approval of capital markets regulator the Securities and Exchange Board of India.

The Life Insurance Corporation board has authorised the newest transfer to chop its preliminary share sale, Business Standard reported.

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