Life Insurance Corporation of India (LICI.BO)

UPDATE 1-India govt open to selling stake in GIC Re, LIC in FY24/25, says source

The Indian government is open to a minority stake sale in General Insurance Corporation of India (GIC) and Life Insurance Corporation of India (LIC) in financial year 2024/25 after assessing investor appetite, a government source told Reuters on Friday. “The government has received good feedback in investor roadshows for GIC, and is open to sell its 10% stake in tranches depending on its shares' value,” the official said. The sale of 10% stake in GIC would be done over a period of time, the official said, garnering about 57 billion rupees ($683 million), as per the closing price on Friday.