Govt to Sell 6.5% LIC Stake at ₹382, Raising ₹31,000 Crore

The stake sale brings LIC closer to meeting the minimum public shareholding requirement set by market regulator Sebi. The regulator had given LIC until May 16, 2027, to achieve a 10% public float. The government currently holds 96.5% of LIC.

It sold 3.5% through an initial public offering in May 2022 at a price band of ₹902-949 per share, raising about ₹21,000 crore. LIC's market capitalisation stood at over ₹5.36 lakh crore as of Monday's close.

So far this fiscal year, the government has raised ₹21,082 crore through stake sales in seven public sector undertakings and remittances from the Specified Undertaking of the Unit Trust of India.

LIC shares settled at ₹424.35 on Monday, down 0.12% from the previous close.