Budget 2020: Govt to sell part of its holding in LIC
New Delhi, Feb 01: Finance Minister Nirmala Sitharaman on Saturday said insurance behemoth LIC will be listed as part of the government disinvestment initiative. She further said that the listing brings in more financial discipline among the entities.
The government proposes to sell a part of its holding in LIC through initial public offer, she said while unveiling Budget 2020-21. Currently, the government owns the entire 100 per cent stake in Life Insurance Corporation of India (LIC).
She announced that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.