What is the share of government selling in LIC?
The government is likely to sell 10 percent of its stake in the Life Insurance Corporation of India (LIC) in two stages, with the first chunk being 5-6 percent and the second of the remainder, Mint reported.
Is LIC going to be Privatised?
The Government today said that Life Insurance Corporation of India (LIC) has not been privatized. He said, the IPO will increase the investment in LIC. He said the decision on percentage for share holders will be taken later.
Is government selling LIC Quora?
It is not that the government is planning to sell LIC to a private hand. The government is planning to sell some stake in LIC through public IPO as indicated by the finance minister. There will be public and private participation like ONGC or any other government controlled public sectors in the market.
Why are banks selling insurance?
Banks can earn additional revenue by selling the insurance products, while insurance companies are able to expand their customer base without having to expand their sales forces or pay commissions to insurance agents or brokers.
Is government sold LIC?
The government may not initially sell a 10\% stake in Life Insurance Corp. of India (LIC) through an initial public offering (IPO), choosing instead to sell 5-6\%, followed by a similar second public offering, given the mammoth size of the state-run insurer, four people aware of the development said.
What about LIC is govt or private?
Life Insurance Corporation of India (abbreviated as LIC) is an Indian statutory insurance and investment corporation. It is under the ownership of Ministry of Finance, Government of India.
Who are LIC stakeholders?
The Government of India will remain the majority shareholder after the public listing. Ten percent of shares are proposed to be allotted to existing LIC policyholders.
Will LIC share sale boost government’s finances?
A stake sale in LIC through a public offering of shares will help the government bolster its finances after the coronavirus pandemic stalled growth and threatens the fiscal deficit target of 3.5\% of gross domestic product set for the year ending March 2021.
Is the government planning to sell 10\% stake in LIC?
The central government currently owns 100\% stake in LIC. Finance Secretary Rajiv Kumar said on Sunday that the government may sell 10\% stake and aims to garner Rs 90,000 crore from the listing and through selling its remaining stake in IDBI. However, this move has been met with mixed reactions across the country.
What percentage of LIC is owned by the central government?
The central government currently owns 100\% stake in LIC. Finance Secretary Rajiv Kumar said on Sunday that the government may sell 10\% stake and aims to garner Rs 90,000 crore from the listing and…
Did NDA Govt sell stake in LIC to private parties?
“Another blunder of the (NDA) government is the announcement of selling stake in LIC. This is again a bid to privatise LIC and open it to private parties, putting people’s deposits in danger. The government is hell bent on selling the country to their capitalist friends from railways to LIC India,” the party said in a tweet.