India to raise up to $3.3 billion selling a stake in its largest life insurer

The Indian government said it will sell up to a 6.5% stake in state owned Life Insurance Corporation of India (LIC), the country's largest insurer, at a 10% discount to its closing price on Monday, 3 August 2026. The sale is intended to comply with regulatory requirements on minimum public shareholding.

According to a stock exchange filing made by LIC on Monday, the offer consists of a base size of a 2.5% stake plus an option to sell an additional 4%, priced at 382 rupees per share. The sale will raise up to 314 billion rupees, equivalent to about $3.3 billion, for the government.

The offer for sale opens on Tuesday, 4 August, and closes on Wednesday, 5 August 2026.