Govt selects 10 banks to manage LIC IPO to raise up to Rs 90,000 cr: Report

A ministerial panel, called the Alternative Mechanism on strategic Divestment, is expected to decide soon on the size of the stake to be sold.

The Centre has put the initial public offering (IPO) of the country’s biggest insurer Life Insurance Corporation of India (LIC) on a fast track while the privatisation of two state banks is mired in procedural issues, two government and one industry source said. It has selected 10 investments banks to manage the listing.

The listing of LIC is set to be India’s biggest ever IPO, with the government aiming to raise Rs 80,000-90,000 crore from its stake sale. In all, the government plans to raise Rs 1.75 trillion from its privatisation programme in the current fiscal year ending in March,