The quantum of stake sale, price and timing would be decided in due course, the source added.
The government needs to offload another 6.5 per cent stake in the public sector life insurer to meet the mandated 10 per cent public shareholding requirement by May 16, 2027.
New Delhi: The government is working on further stake sale in Life Insurance Corporation (LIC) and the disinvestment department would work out finer details of the transaction, sources said.
The government currently holds 96.5 per cent stake in LIC. It had sold 3.5 per cent through an initial public offering (IPO) in May 2022 at a price band of Rs 902-949 a share. The share sale fetched the government around Rs 21,000 crore.
Sources said the government has given its approval for further share sale in LIC through the OFS route and the discussions are still in the nascent stage.
“It is up to the disinvestment department to look at the market condition and conclude the stake sale,” a source said.
The government needs to offload another 6.5 per cent stake in the public sector life insurer to meet the mandated 10 per cent public shareholding requirement by May 16, 2027.
The quantum of stake sale, price and timing would be decided in due course, the source added.
LIC’s current market capitalisation stands at Rs 5.85 lakh crore.
Shares of LIC were trading at Rs 924.40 apiece, down 2.27 per cent over the previous close on the BSE.
Wrong Decision of Govt. After IPO of LIC, it lost market share and then its share price went down and major shareholders have faced losses.
It’s the money of the public and its disinvestment by the Government of India is against the country and the esteemed policyholders whose hard earned money is going to be grabbed by the Govt of India Every person from policy holder, agents to top marketing official as well as from peon to M. D in administrative side should oppose.
We will fight against the selling the nation’s Crown and one of the nine ratnas of our India. We will fight and we will win…. Ja hind..!
LIC is a golden duck for Govt. Govt has to take correct decision for maintaining its stake properly in the corporation.
Post stake sale, LIC has recorded highest profit figures. As a listed company, its operations will become more transparent. Competition is King in the modern world. Insurance sector is now robust, with good regulation. GOI should rapidly lower its stakes in all non-strategic PSUs and use that money for infrastructure development.
Socialism has become a sinister way of using public assets for private welfare; Capitalism will create quality public goods through PRIVATE EFFORTS.
It has worked across the world. The so called Socialist countries have ended up seeking aid from Capitalist countries.
Human evolution did not evolve out of Socialism, but through competitive adaptation of survival techniques. If Socialistic forces had been the driving forces, Life would not have progressed beyond the single-celled Amoeba!!
Again wrong decision by govt.why govt needs disinvestment in LIC which is running profitable for so many decades.
The government is incorrectly disinvesting fromthe chicken giving golden eggs.
Wrong decision as always by the government
Please don’t do this and give opportunity to Pvt insurance companies.
I sell LIC shares with profits after few days of IPO । I think government will disinvestment day after day।
Wrong decision by the Govt of India. It should protect the PSU 100%. LIC is giving dividend to Govt year after year after declaring bonus to policyholders from its profits. Govt should encourage this profit making institution. Should not sell its stakes.
Wrong decision by the Govt of India. It should protect the PSU 100%. LIC is giving dividend to Govt year after year after declaring bonus to policyholders from its profits. Govt should encourage this profit making institution. Should not sell its stakes.
If the government’s Kamdhenu organization continues to be privatized like this, then what will the government do when LIC becomes 100% private?
In Hindi
Co#सरकार की कामधेनु कहे जाने वाली संस्था यदी ऐसी ही प्राइवेट करते चले जाए तो जब एलआईसी 100%प्राइवेट हो जाएगी तो सरकार तब क्या क्या करेगी ment *
When LIC is making good good profits after IPO, it is a good decision to divest small minority stake thereby risk and benefit will be shifted. Now a days private companies are making huge difference in insurance and LIC should compete.Else it will be another Nokia or Black Berry