India aims to sell the stake in the year starting April 1, Indian Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said in an interview. The “LIC IPO is akin to the Saudi Aramco listing for our capital markets,” said Vijay Bhushan, president of the Association of National Exchanges Members of India. Nervousness was palpable on Saturday as shares of private insurers — SBI Life Insurance, General Insurance Corp of India, HDFC Life Insurance Co and ICICI Prudential Life Insurance Co — slumped 6 to 14 percent in a special trading session after the proposal was announced. SBI Life was among four insurers whose IPOs raised more than US$1 billion in 2017, data compiled by Bloomberg showed. Last year, the insurer bailed out IDBI Bank by buying a 51 percent stake in it.

Source: Taipei Times February 02, 2020 15:56 UTC