India seeks $3.9 billion from LIC IPO, half of earlier estimate

div classBodysc17zpet90 cdBBJodivpBy Aftab Ahmedp

pNEW DELHI Reuters The Indian government is planning to raise about 300 billion rupees 3.9 billion, half of what it had earlier estimated, from selling a stake of just over 5 in Life Insurance Corporation of India, a government source told Reuters.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pLIC is now valued at around 6 trillion rupees, significantly lower than the governments earlier estimates after feedback from investors, according to the source, who declined to be identified as the discussions were confidential.p

pEarlier government estimates had called for the insurer to be valued at around 17 trillion rupees.p

pThe government will need to seek fresh regulatory approval for the listing process, the source added. p

pThe finance ministry did not immediately respond to an email requesting comment.p

p1 76.3510 Indian rupeesp

p Reporting by Aftab Ahmed Additional reporting by Nupur Anand Editing by Edwina Gibbsp

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