According to sources, who said exact timelines will be confirmed after April 27, the much-anticipated public offering from the Life Insurance Corporation (LIC) is likely to open on May 4 and close on May 9.
The exact date ranges of the LIC’s public offering (IPO) will be confirmed next week, the sources added.
That comes on the heels of the LIC board that approved a reduction in the size of the IPO issuance from 5 percent to 3.5 percent, according to sources on Saturday.
The government is now expected to sell 3.5 percent of its stake in LIC for Rs 21,000 crore, subject to approval from the capital markets regulator, Securities and Exchange Board of India, or SEBI.
A significant cut in the valuation from an earlier estimate of around Rs 17 trillion for the 66-year-old company, based on the draft red herring prospectus submitted to the SEBI and approved, which showed that the government had proposed its 5 percent ownership ability to sell.