Government to sell up to 6.5% stake in LIC, may mop up Rs 31k cr

The government is selling up to 6.5% of LIC shares through an offer for sale. This divestment aims to meet minimum public shareholding norms ahead of schedule. The offer begins Tuesday and closes Wednesday with a base price of Rs 382. Successful sale will raise approximately Rs 31,400 crore for the government. This mov

If fully subscribed, the sale of over 82.22 crore shares or a 6.5 per cent stake at the given floor price will fetch about Rs 31,000 crore to the disinvestment kitty.