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India considering foreign institutional investment of up to 20% in LIC IPO- source - Financial Markets Worldwide

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ReutersStock Markets7 minutes ago (Sep 08, 2021 04:26AM ET)

© Reuters. FILE PHOTO: An exterior view of Life Insurance Corporation of India’s (LIC) headquarters is seen in Mumbai September 18, 2014. REUTERS/Danish Siddiqui

NEW DELHI (Reuters) – Indian government is considering allowing foreign institutional investment of up to 20% in Life Insurance Corporation, according to a government source.

The listing of LIC is set to be India’s biggest ever IPO, with the government aiming to raise up to 900 billion Indian rupees ($12.24 billion) from its stake sale.

($1 = 73.5350 Indian rupees)

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