LIC IPO: Govt files draft papers to sell 5% stake

New Delhi: Setting the stage for the country’s biggest ever public offering, Life Insurance Corporation on Sunday filed draft papers with capital market regulator Sebi for the sale of 5 per cent stake by the government for an estimated Rs 63,000 crore.

The initial public offering of over 31.6 crore shares or 5 per cent government stake is likely to hit the D-street in March and employees and policy holders of the insurance behemoth would get a discount over the floor price.

LIC’s embedded value has been pegged at about Rs 5.4 lakh crore as of September 30, 2021, by Milliman Advisors.