Indian Government declared to sell its LIC shareholdings in Union Budget 2020:
As per the Finance Minister announcement in Union Budget-2020, the Indian government plans to sell some part of its LIC shareholdings through IPO. Also, the Finance minister announced, the govt plans to the sale of shareholdings in IDBI Bank.
Moreover, for the financial year 2021-22, the government of India put a divestment target of Rs 2.1 lakh cr. Comparatively, the divestment target at Rs 1.05 lakh cr in the present financial year. But, present financial year, the Indian government divested nearly Rs Rs 18,094.59 cr. According to the sources, the government’s investments are maximum in the back of the LIC IPO. Comparatively, it was higher than the target value of Rs 1.35 lakh cr.
As per the SEBI norms, for an IPO at least 10% of dilution requires. Additionally, LIC has been a port of call for various PSU fundraises in the past
LIC Housing Finance Ltd share trading with a loss of 34.75 points reached 406.20 INR with 7.88% down. Its previous close at 440.95 INR. LIC Housing Finance Ltd Share outstanding with 504,950,000, on NSE.
IDBI Bank Ltd share trading with a gain of 3.50 points reached 37.55 INR with 10.28% raise. Its previous close at 34.05 INR. IDBI Bank Ltd Share outstanding with 10,380,593,998, on NSE.