LIC IPO to open on May 4 and close on May 9: Sources

Highlights

The initial public offering of LIC will open on May 4 and close on May 9: Sources.
The IPO, through which govt will sell 3.5% stake in state-owned LIC will fetch Rs 21K crore.
The IPO values LIC at Rs 6 lakh crore.

The initial public offering of the country's largest insurer LIC will open on May 4 and close on May 9, reported news agency PTI quoting sources.

The government is likely to sell a 3.5 per cent stake in Life Insurance Corporation (LIC) through an initial public offering which will hit the markets in the first week of the next month, an official said.

The issue size is expected to be worth Rs 21,000 crore, valuing the country's largest insurer at Rs 6 lakh crore. The IPO was originally planned to be launched in March, but the Russia-Ukraine crisis has derailed the plans as stock markets are highly volatile.

The government has time till May 12 to launch the IPO without filing fresh papers with the Securities and Exchange Board of India.

Also Read | Will RBI increase interest rate in first monetary policy of current fiscal? What experts say