Economy · India
India Sells LIC Stake, Prompting Share Price Drop; LEAP India IPO Announced
The Indian government initiated the sale of up to 6.5% of its stake in Life Insurance Corporation (LIC) of India through an Offer for Sale (OFS), setting a floor price of ₹382 per share. The sale, aimed at raising over ₹300 billion (approximately $3.6 billion), opened for institutional investors on August 4 and for retail investors on August 5. Following the announcement and the opening of the OFS, LIC's share price dropped by approximately 8%. Concurrently, logistics firm LEAP India, backed by KKR, announced its Initial Public Offering (IPO) with a price band of ₹151-159 per share, aiming to raise ₹480 crore in fresh equity and ₹2,000 crore from existing shareholders, with subscription opening on August 7.
How outlets across the spectrum covered it
Left 1 · Centre 7 · Right 2 n = 10
- Left (1): The Hindu
- Centre (7 votes, 8 outlets): Business Standard, Hindustan (Hindi) · Mint (HT Media — 1 vote), Patrika, Telangana Today, The Free Press Journal, The Lallantop, The Times of India
- Right (2): Aaj Tak, The Pioneer
- International (1): Reuters