NEW DELHI, April 27 (Reuters) – India decided to go ahead with the initial public offering (IPO) of state-owned Life Insurance Corp (LIC) in May due to strong market demand and a “robust” anchor investor base, a senior Finance Ministry official said on Wednesday. .
India expects to raise up to $2.74 billion from the sale of a 3.5% stake in LIC’s initial public offering, just a third of its original target, and is scheduled to open its doors on May 2 to anchor investors.
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Tuhin Kanta Pandey, secretary of the public asset management and investment department, said the size of LIC’s initial public offering is “optimal” under current market conditions. The government had originally planned to sell a 5% stake in the company.
(Reporting by Nupur Anand; writing by Aftab Ahmed; editing by Jason Neely)
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