LIC to invest in GIC IPO but will stay away from SBI Life IPO

NPAs of the public insurer was to the tune of Rs 18,000 cr

Life Insurance Corporation (LIC), country’s largest insurer, is planning to invest in General Insurance Corporation’s (GIC) Initial Public Offering (IPO), which is expected to file its initial share sale prospectus in the next couple of weeks.

However, LIC has no plans of investing in the upcoming IPO of SBI Life Insurance as it is a competitor of the country’s biggest institutional investor in the life insurance business, said V K Sharma, Chairman of LIC.

However, he mentioned that there is no restriction by regulator Insurance Regulatory and Development Authority of India (IRDAI) on LIC to participate in the upcoming IPOs