The initial public offer (IPO) plan for Life Insurance Corporation (LIC) IPO is likely to have been cleared by Cabinet Committee for Economic Affairs (CCEA), sources informed CNBC-TV18.

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The government has proposed to list LIC by March FY22, sources said.

The ministerial panel will decide on pricing and the quantum of government stake to be divested.

LIC is working on embedded value, internal efficiency and product restructuring.

While presenting Union budget for the financial year 2020-21, Finance Minister Nirmala Sitharaman had proposed to sell a part of the government stake in the insurance behemoth, Life Insurance Corporation of India.

The proposed stake sale will happen through an Initial Public Offer (IPO), she had said.

LIC, fully owned by the Indian government, is typically a big investor in share sales, including IPOs of state-run companies.

(Edited by : Anshul)

First Published:Jul 12, 2021 10:39 AM IST