Aug 4 (Reuters) – Shares of India’s Life Insurance Corporation fell as much as 8.87% on Tuesday after the government launched an offer to sell up to a 6.5% stake at a floor price of 382 rupees apiece, representing a discount of about 10.9% to Monday’s closing price.
The government said on Monday it would initially sell a 2% stake, with an option to divest an additional 4.5%, marking its first stake sale in LIC since the insurer’s stock market debut in 2022.
(Reporting by Surbhi Misra in Bengaluru; Editing by Ronojoy Mazumdar and Sherry Jacob-Phillips)
