Government Seeks Rs 30,000 Crore From LIC IPO, Half Of Earlier Estimate: Report

The Indian government is planning to raise about Rs 30,000 crore ($3.9 billion), half of what it had earlier estimated, from selling a stake of just over 5% in Life Insurance Corporation of India, a government source told Reuters.

LIC is now valued at around Rs 6 lakh crore, significantly lower than the government's earlier estimates after feedback from investors, according to the source, who declined to be identified as the discussions were confidential.

Earlier government estimates had called for the insurer to be valued at around Rs 17 lakh crore.

The government will need to seek fresh regulatory approval for the listing process, the source added.

The finance ministry did not immediately respond to an email requesting comment.