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LIC IPO likely to be delayed to next financial year: Report
The government had plans to raise about $8 billion by selling 5% of LIC`s stake this month before the fiscal year ends on March 31.
Highlights
- Finance minister Nirmala Sitharaman had said "If global considerations warrant that I need to look at it, I wouldn`t mind looking at it again."
- FM said the government ideally hoped to proceed with the listing as planned.
- However, the government might have to take a review of the situation since Russia has invaded Ukraine.
New Delhi: The initial public offering of Indian state-run Life Insurance Corp (LIC) is set to be delayed into the next financial year due to the market volatility triggered by Russia`s invasion of Ukraine, Bloomberg News said in a report, citing sources.
In what will be the biggest stock offering in India, the government had plans to raise about $8 billion by selling 5% of LIC`s stake this month before the fiscal year ends on March 31.
LIC did not immediately respond to a Reuters` query seeking comments.
Earlier in the week, finance minister Nirmala Sitharaman in an interview to Business Line newspaper had said that "If global considerations warrant that I need to look at it, I wouldn`t mind looking at it again."
Though the FM said the government ideally hoped to proceed with the listing as planned, however, it might have to take a review of the situation since Russia has invaded Ukraine. Also Read: Aadhaar Card Update: Modify address on Aadhaar online in simple steps, check how
"…Now, there is a full-scale war. Therefore, I need to go back and review the situation," Sitharaman added. Also Read: Good news! Age limit for pension set to 60 years in Himachal, amount hiked
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