India to raise up to $3.3 billion by selling stake in country’s largest life insurer at 10% discount

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The Indian government will sell up to a 6.5% stake in state-owned Life Insurance Corporation of India

The stake sale will fetch the government up to 314 billion rupees ($3.3 billion) through the offer, which consists of a base size of a 2.5% stake and an option to sell an additional 4% in the country's largest insurance company, LIC said in a stock exchange filing on Monday.

The offer for sale, priced at 382 rupees per share, will open on Tuesday and end on Wednesday.

The government of India owns a 96.5% stake in LIC, which it needs to reduce to 75% by 2032 to meet the minimum public shareholding requirements.