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India’s IPO-bound LIC is well capitalised, chairman says -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: LIC (Life Insurance coverage Company of India) emblem is seen displayed on this illustration taken, February 15, 2022. REUTERS/Dado Ruvic

NEW DELHI (Reuters) – State-run Life Insurance coverage Corp. Of India (LIC), which is planning the nation’s largest IPO subsequent month, is properly capitalised, the corporate’s chairman M.R Kumar mentioned on Monday.

Kumar mentioned LIC’s potential buyers mustn’t fear about authorities management submit the IPO as choices within the nation’s largest insurance coverage firm are taken by its board and never by the federal government, which is able to maintain 95% of stake submit the IPO.

LIC is planning to promote a 5% stake to boost about $8 billion subsequent month, which might make it India’s largest IPO by far.

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