LIC slips to lowest in nearly 4 months on discounted stake sale
As of 9:41 am IST, the stock was down 7.28% at ₹397.3
India's Life Insurance Corporation (LIC) experienced its lowest share prices in nearly four months on Tuesday following the government's announcement to sell up to a 6.5% stake at a significant discount to the previous trading price. Initially, the government planned to sell a 2% stake, with the possibility of a further 4.5% divestment, marking the first such sale since LIC's debut on the stock market in 2022. As of 9:41 am IST on Tuesday, LIC's stock plummeted 7.28% to 397.3 rupees.
If the entire offering is subscribed, the sale would generate approximately 314.1 billion rupees ($3.30 billion), raising the public shareholding in LIC to 10% from the current 3.5%. This move is aimed at fulfilling the minimum public shareholding requirement set by the market regulator before the May 2027 deadline.
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