India has decided to go ahead with state-run Life Insurance Corp's (LIC) initial public offering (IPO) in May due to strong market demand and a "solid" anchor investor base, a top finance ministry official said on Wednesday.
India expects to raise up to $2.74 billion from selling a 3.5 per cent stake in LIC's IPO, just a third of its original target, and is set to open on May 2 for anchor investors.
For subscription, the issue will open on May 4 and close on May 9.
Tuhin Kanta Pandey, secretary at the department of investment and public asset management, said the size of the LIC IPO is "optimal" in current market conditions.
The government had originally planned to sell a 5 per cent stake in the company.
UAE pushes for South America trade deal at Mercosur Summit
UAE-Ukraine CEPA takes effect, boosting economic ties
UAE looks to deepen Panama ties as trade jumps nearly 50%
Al Tayer calls for global action on critical minerals to power clean energy transition
UAE, US strengthen economic and financial partnership during Washington talks
