LIC bids for at least ₹8,000 cr in GIC share sale

MUMBAI: Life Insurance Corp. of India (LIC) has put in a major bid for shares of reinsurer General Insurance Corp of India Ltd (GIC Re), in the latter’s ongoing initial public offering, said two people aware of the development, on the condition of anonymity.

GIC Re, whose initial public offering (IPO) opened on Wednesday, is looking to raise ₹11,372 crore at the upper end of the price band of ₹855-912 per share. The share sale values the insurance firm at ₹80,000 crore.

LIC has bid for shares worth around ₹7,000-8,000 crore, the second person cited above said. Mint could not ascertain the exact quantum of the LIC bid.

LIC chairman VK Sharma said that LIC has invested in the GIC Re IPO, however, he declined to comment on the quantum of the bid made. A separate email sent to LIC did not elicit any response.