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India to Sell 2.5% Stake in Life Insurance, With Option to Offload Another 4%

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The Indian government plans to sell at least a 2.5% stake in Life Insurance of India (NSE:LICI, BOM:543526) through an offer for sale to meet the minimum public shareholding requirement, according to an exchange filing on Monday.

The sale opens for non-retail investors on Tuesday, with retail investors and eligible employees able to bid on Wednesday.

The government has the option to sell an additional 4% stake, taking the total offer size to 6.5%.

The floor price has been set at 382 rupees per share, representing a discount of about 11% to Monday's closing price of 428.5 rupees. Retail investors and eligible employees will receive a further 10-rupee discount.

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