Life Insurance Corp.
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Fairfax likely gets up to two years to sell CSB stake or merge it with IDBI, sources say
IDBI stake sale, valued at more than $5 billion, is in final stages
Deal already cleared by bureaucrats' panel and awaits ministers' final approval, sources say
By Gopika Gopakumar and Ira Dugal
Aug 21 (Reuters) - Canada's Fairfax Financial FFH.TO, a frontrunner to acquire the government's stake in IDBI Bank IDBI.NS, is set to be allowed up to two years to consolidate its India bank holdings to smooth the acquisition, two sources familiar with the matter said.
A long-delayed sale of a majority stake in IDBI Bank, held by the federal government and state insurer Life Insurance Corp of India, is in its final stages.
The transaction, valued at more than $5 billion, would be the largest foreign investment in an Indian bank. It is also important for the government at a time when the Middle East war has strained finances and weaker foreign inflows have pressured the rupee.
Under Reserve Bank of India (RBI) rules, an entity cannot own and operate two separate banks. Fairfax owns about 40% of smaller lender CSB Bank CSBB.NS.
The Canadian investor is likely to be given up to two years to either sell its stake in CSB Bank or merge it with IDBI Bank, the two sources said.
A third source, a government official, said it would be "speculative" to say that Fairfax will be given two years to consolidate its bank holdings.
Fairfax, the finance ministry and the RBI did not respond to requests for comment.
Last month, India received revised bids from Fairfax and Emirates for the IDBI stake after lowering the reserve price for the sale.
The deal has already been cleared by a panel of senior bureaucrats and is now before a committee of ministers for final approval, the sources said. It would then require regulatory clearances from the RBI and the Securities and Exchange Board of India.
TWO OPTIONS
One option to comply with RBI regulations would be to merge CSB Bank with IDBI Bank, the sources said.
However, Fairfax's India entity is also exploring a sale of its entire CSB stake, according to one of the sources.
CSB, based in the southern state of Kerala, has business worth 862.82 billion rupees ($9 billion). Fairfax acquired control of the lender in 2018 when it required fresh capital to overcome financial stress.
IDBI Bank has assets of nearly $42 billion.
Fairfax may favour selling its CSB holding because a merger could involve complications, including labour union-related issues, the source said. CSB is also too small to significantly alter the combined entity's profile, the person added.
The discussions remain at an early stage and a final decision will be taken only after negotiations with the government are completed.
Fairfax has been a major investor in India through Fairfax India Holdings Corporation, which had assets worth $3.8 billion as of June 30, 2026. Its other investments include non-bank lender IIFL Capital and online brokerage firm 5paisa.
($1 = 95.4100 Indian rupees)
(Reporting by Gopika Gopakumar and Ira Dugal in Mumbai; Editing by Stephen Coates)
Fairfax likely gets up to two years to sell CSB stake or merge it with IDBI, sources say
IDBI stake sale, valued at more than $5 billion, is in final stages
Deal already cleared by bureaucrats' panel and awaits ministers' final approval, sources say
By Gopika Gopakumar and Ira Dugal
Aug 21 (Reuters) - Canada's Fairfax Financial FFH.TO, a frontrunner to acquire the government's stake in IDBI Bank IDBI.NS, is set to be allowed up to two years to consolidate its India bank holdings to smooth the acquisition, two sources familiar with the matter said.
A long-delayed sale of a majority stake in IDBI Bank, held by the federal government and state insurer Life Insurance Corp of India, is in its final stages.
The transaction, valued at more than $5 billion, would be the largest foreign investment in an Indian bank. It is also important for the government at a time when the Middle East war has strained finances and weaker foreign inflows have pressured the rupee.
Under Reserve Bank of India (RBI) rules, an entity cannot own and operate two separate banks. Fairfax owns about 40% of smaller lender CSB Bank CSBB.NS.
The Canadian investor is likely to be given up to two years to either sell its stake in CSB Bank or merge it with IDBI Bank, the two sources said.
A third source, a government official, said it would be "speculative" to say that Fairfax will be given two years to consolidate its bank holdings.
Fairfax, the finance ministry and the RBI did not respond to requests for comment.
Last month, India received revised bids from Fairfax and Emirates for the IDBI stake after lowering the reserve price for the sale.
The deal has already been cleared by a panel of senior bureaucrats and is now before a committee of ministers for final approval, the sources said. It would then require regulatory clearances from the RBI and the Securities and Exchange Board of India.
TWO OPTIONS
One option to comply with RBI regulations would be to merge CSB Bank with IDBI Bank, the sources said.
However, Fairfax's India entity is also exploring a sale of its entire CSB stake, according to one of the sources.
CSB, based in the southern state of Kerala, has business worth 862.82 billion rupees ($9 billion). Fairfax acquired control of the lender in 2018 when it required fresh capital to overcome financial stress.
IDBI Bank has assets of nearly $42 billion.
Fairfax may favour selling its CSB holding because a merger could involve complications, including labour union-related issues, the source said. CSB is also too small to significantly alter the combined entity's profile, the person added.
The discussions remain at an early stage and a final decision will be taken only after negotiations with the government are completed.
Fairfax has been a major investor in India through Fairfax India Holdings Corporation, which had assets worth $3.8 billion as of June 30, 2026. Its other investments include non-bank lender IIFL Capital and online brokerage firm 5paisa.
($1 = 95.4100 Indian rupees)
(Reporting by Gopika Gopakumar and Ira Dugal in Mumbai; Editing by Stephen Coates)
Iran war has driven up India's fertiliser import costs and fuel subsidies
Analysts worry government may miss fiscal deficit target
$3.3 billion LIC share sale is latest divestment success
Sale of IDBI Bank stake could add $2.5 billion to state coffers, source says
Dividend receipts already above annual target
By Nikunj Ohri
NEW DELHI, Aug 7 (Reuters) - India expects to exceed this fiscal year's goal of raising 800 billion rupees ($8.4 billion) through the sale of stakes in state-run firms and other asset monetisation methods, government sources said, helping public finances strained by the Middle East conflict.
The U.S.-Israeli war on Iran has driven up fertiliser import costs and fuel subsidies, sparking concern that the government could fall short of its budget goals. India has often missed its target for divestments and asset monetisation in recent years.
The government this week completed the sale of shares worth 315.5 billion rupees ($3.3 billion) in state-owned Life Insurance Corporation (LIC), its biggest divestment in years. Combined with sales of shares in firms such as Coal India and Indian Railway Finance Corp, more than $5.5 billion has been raised to date.
According to one of the sources, the long-delayed sale of the government's stake in IDBI Bank should also conclude this fiscal year, potentially adding $2.5 billion to state coffers.
Moreover, Finance Minister Nirmala Sitharaman has given quarterly targets to the ministry's divestment department to boost stake-sale receipts, the second source said.
The sources were not authorised to speak to media and declined to be identified. India's finance ministry did not respond to a request for comment.
The government launched an ambitious privatisation drive in 2021, but progress has been slower than initially envisaged, with only a handful of strategic sales completed.
Officials have increasingly relied on sales of smaller stakes in listed state-run companies, which are easier to execute and carry lower political and regulatory risk, the first source said.
FISCAL PRESSURES
Increased oil import costs for India, the world's third-largest crude importer, have raised concerns about a possible widening of the fiscal deficit and current account gap.
The government is targeting a fiscal deficit of 4.3% of GDP this fiscal year. But a 37% jump in subsidy spending for the April-June first quarter from the same period a year earlier has led some analysts to warn that the government will fail to meet its goal.
Overall government expenditure for the quarter rose 11%, government data shows.
The government may need additional measures to meet its deficit target, said N.R. Bhanumurthy, director of the Madras School of Economics.
"Compared with previous years, the rise in divestment receipts is a positive trend. However, the government will need to mobilise more revenue this year, as fuel tax cuts alone have cost the exchequer more than 1 trillion rupees," he said.
Sitharaman said last month there were no immediate plans to revise budget estimates.
DIVIDEND BOOST
Dividends received by the government from the Reserve Bank of India, state-run banks and financial institutions have already hit 3.24 trillion rupees for April 1 to August 5, exceeding the 3.16 trillion rupees initially expected for the whole of this fiscal year.
The RBI contributed a record 2.87 trillion rupees. The government expects non-financial state-run companies to pay 750 billion rupees in dividends this fiscal year. It has received 25.5 billion rupees so far.
There have been no major asset monetisation announcements yet. Asset monetisation can include selling land or creating infrastructure investment trusts that hold government-owned infrastructure assets.
($1 = 95.1650 Indian rupees)
(Reporting by Nikunj Ohri; Editing by Ira Dugal and Edwina Gibbs)
(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
Iran war has driven up India's fertiliser import costs and fuel subsidies
Analysts worry government may miss fiscal deficit target
$3.3 billion LIC share sale is latest divestment success
Sale of IDBI Bank stake could add $2.5 billion to state coffers, source says
Dividend receipts already above annual target
By Nikunj Ohri
NEW DELHI, Aug 7 (Reuters) - India expects to exceed this fiscal year's goal of raising 800 billion rupees ($8.4 billion) through the sale of stakes in state-run firms and other asset monetisation methods, government sources said, helping public finances strained by the Middle East conflict.
The U.S.-Israeli war on Iran has driven up fertiliser import costs and fuel subsidies, sparking concern that the government could fall short of its budget goals. India has often missed its target for divestments and asset monetisation in recent years.
The government this week completed the sale of shares worth 315.5 billion rupees ($3.3 billion) in state-owned Life Insurance Corporation (LIC), its biggest divestment in years. Combined with sales of shares in firms such as Coal India and Indian Railway Finance Corp, more than $5.5 billion has been raised to date.
According to one of the sources, the long-delayed sale of the government's stake in IDBI Bank should also conclude this fiscal year, potentially adding $2.5 billion to state coffers.
Moreover, Finance Minister Nirmala Sitharaman has given quarterly targets to the ministry's divestment department to boost stake-sale receipts, the second source said.
The sources were not authorised to speak to media and declined to be identified. India's finance ministry did not respond to a request for comment.
The government launched an ambitious privatisation drive in 2021, but progress has been slower than initially envisaged, with only a handful of strategic sales completed.
Officials have increasingly relied on sales of smaller stakes in listed state-run companies, which are easier to execute and carry lower political and regulatory risk, the first source said.
FISCAL PRESSURES
Increased oil import costs for India, the world's third-largest crude importer, have raised concerns about a possible widening of the fiscal deficit and current account gap.
The government is targeting a fiscal deficit of 4.3% of GDP this fiscal year. But a 37% jump in subsidy spending for the April-June first quarter from the same period a year earlier has led some analysts to warn that the government will fail to meet its goal.
Overall government expenditure for the quarter rose 11%, government data shows.
The government may need additional measures to meet its deficit target, said N.R. Bhanumurthy, director of the Madras School of Economics.
"Compared with previous years, the rise in divestment receipts is a positive trend. However, the government will need to mobilise more revenue this year, as fuel tax cuts alone have cost the exchequer more than 1 trillion rupees," he said.
Sitharaman said last month there were no immediate plans to revise budget estimates.
DIVIDEND BOOST
Dividends received by the government from the Reserve Bank of India, state-run banks and financial institutions have already hit 3.24 trillion rupees for April 1 to August 5, exceeding the 3.16 trillion rupees initially expected for the whole of this fiscal year.
The RBI contributed a record 2.87 trillion rupees. The government expects non-financial state-run companies to pay 750 billion rupees in dividends this fiscal year. It has received 25.5 billion rupees so far.
There have been no major asset monetisation announcements yet. Asset monetisation can include selling land or creating infrastructure investment trusts that hold government-owned infrastructure assets.
($1 = 95.1650 Indian rupees)
(Reporting by Nikunj Ohri; Editing by Ira Dugal and Edwina Gibbs)
(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))
Adds details throughout
BENGALURU, Aug 6 (Reuters) - Life Insurance Corporation of India LIFI.NS reported a 23% increase in first-quarter profit on Thursday, helped by strong group business and margin expansion from a greater focus on more profitable products, despite heightened competition.
The insurer's net profit rose to 134.92 billion rupees ($1.42 billion) for the quarter ended June 30, from 109.87 billion rupees a year earlier.
Analysts had expected LIC to report a healthy quarter as demand for traditional life insurance remained buoyant after tax changes late last year.
Competition has intensified as private insurers stepped up their focus on more profitable non-participating policies that don't pay policyholders bonuses or dividends. Still, a favourable year-ago base, continued momentum in group insurance and LIC's own greater focus on non-participating products have boosted its earnings.
The state-run insurer's net premium income increased nearly 7% year-on-year to 1.27 trillion rupees in the quarter through June. First year premiums from new policies rose 22.5%, while renewal premiums increased 3%.
LIC is the largest life insurer in the world's most populous country, where rising financial awareness is driving insurance demand. Low insurance penetration leaves significant room for further growth.
India is expected to emerge as the fastest-growing major life insurance market, with life insurance premiums forecast to grow 10.5% annually through 2036, positioning it to challenge Japan as Asia's second-largest market, Allianz said in a research report in May.
LIC's annualised premium equivalent (APE), a key measure of new business, rose 8.22% to 136.92 billion rupees. Group APE rose 10.20% while the individual business grew 6.67%.
Value of new business (VNB), or expected profit from new policies sold, increased 61.32% to 31.36 billion rupees.
Margins from new business stood at 22.9%, compared with 15.4% a year earlier, helped by higher sales of more-profitable policies, including non-participating products.
The Indian government also sold a 6.5% stake in LIC through an offer for sale this week, raising 315.52 billion rupees in its first stake sale in the insurer since its 2022 IPO.
($1 = 95.2200 Indian rupees)
(Reporting by Nishit Navin; Editing by Ronojoy Mazumdar)
(([email protected];))
Adds details throughout
BENGALURU, Aug 6 (Reuters) - Life Insurance Corporation of India LIFI.NS reported a 23% increase in first-quarter profit on Thursday, helped by strong group business and margin expansion from a greater focus on more profitable products, despite heightened competition.
The insurer's net profit rose to 134.92 billion rupees ($1.42 billion) for the quarter ended June 30, from 109.87 billion rupees a year earlier.
Analysts had expected LIC to report a healthy quarter as demand for traditional life insurance remained buoyant after tax changes late last year.
Competition has intensified as private insurers stepped up their focus on more profitable non-participating policies that don't pay policyholders bonuses or dividends. Still, a favourable year-ago base, continued momentum in group insurance and LIC's own greater focus on non-participating products have boosted its earnings.
The state-run insurer's net premium income increased nearly 7% year-on-year to 1.27 trillion rupees in the quarter through June. First year premiums from new policies rose 22.5%, while renewal premiums increased 3%.
LIC is the largest life insurer in the world's most populous country, where rising financial awareness is driving insurance demand. Low insurance penetration leaves significant room for further growth.
India is expected to emerge as the fastest-growing major life insurance market, with life insurance premiums forecast to grow 10.5% annually through 2036, positioning it to challenge Japan as Asia's second-largest market, Allianz said in a research report in May.
LIC's annualised premium equivalent (APE), a key measure of new business, rose 8.22% to 136.92 billion rupees. Group APE rose 10.20% while the individual business grew 6.67%.
Value of new business (VNB), or expected profit from new policies sold, increased 61.32% to 31.36 billion rupees.
Margins from new business stood at 22.9%, compared with 15.4% a year earlier, helped by higher sales of more-profitable policies, including non-participating products.
The Indian government also sold a 6.5% stake in LIC through an offer for sale this week, raising 315.52 billion rupees in its first stake sale in the insurer since its 2022 IPO.
($1 = 95.2200 Indian rupees)
(Reporting by Nishit Navin; Editing by Ronojoy Mazumdar)
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 5 (Reuters Breakingviews) - India's toughest fiscal challenge in years will bring out New Delhi's dealmaking side. The government is raising 314 billion rupees, or $3.3 billion, by trimming its stake in Life Insurance Corporation LIFI.NS. The proceeds will help shore up the war-battered public balance sheet and inspire similar sales.
New Delhi is offering up to a 6.5% stake in LIC to institutions and retail investors at 382 rupees a share. The deal values the country's largest life insurer by premiums at an 11% discount to the stock's last-traded price, which isn't too steep considering volatile market conditions and fierce competition in the sector.
The latest divestment is part of a government push to raise 800 billion rupees in capital for the fiscal year ending March 2027. Along with share sales in other companies like $27 billion miner Coal India COAL.NS and hydropower producer NHPC NHPC.NS, combined proceeds are on track to top 526 billion rupees, roughly two-thirds of the 12-month goal.
As war rages on in the Middle East, that will offer some fiscal cushion to Prime Minister Narendra Modi's government, which is grappling with rising oil prices. Revenue collections have turned lacklustre too, after cuts to indirect tax rates. Concern that his administration will breach a fiscal deficit target of 4.3% of GDP for the current year is mounting. Higher fertiliser subsidies and debt servicing costs may ultimately widen the deficit by an additional 0.3% of GDP, analysts at ANZ warn.
That risk should prompt officials to accelerate deals. Last year, Goldman Sachs was hired to manage stake sales in four state-owned lenders, including narrowly held UCO Bank UCBK.NS and Punjab and Sind Bank. The government could also revive the process to find a new owner for LIC-backed IDBI Bank IDBI.NS, which received fresh bids from Canada's Fairfax and Abu Dhabi's Emirates NBD last month, per a Reuters report citing sources.
Fiscal pressure will force New Delhi to be more aggressive and creative.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
The government of India on August 4 launched an offer for up to 822 million of its shares in Life Insurance Corporation, representing an up to 6.5% stake in the insurer.
The offer priced at 382 rupees ($4.01) per share, an 11% discount to their last-traded price, opened for bidding by institutions on August 4 and will accept retail subscriptions on August 5.
(Editing by Robyn Mak; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 5 (Reuters Breakingviews) - India's toughest fiscal challenge in years will bring out New Delhi's dealmaking side. The government is raising 314 billion rupees, or $3.3 billion, by trimming its stake in Life Insurance Corporation LIFI.NS. The proceeds will help shore up the war-battered public balance sheet and inspire similar sales.
New Delhi is offering up to a 6.5% stake in LIC to institutions and retail investors at 382 rupees a share. The deal values the country's largest life insurer by premiums at an 11% discount to the stock's last-traded price, which isn't too steep considering volatile market conditions and fierce competition in the sector.
The latest divestment is part of a government push to raise 800 billion rupees in capital for the fiscal year ending March 2027. Along with share sales in other companies like $27 billion miner Coal India COAL.NS and hydropower producer NHPC NHPC.NS, combined proceeds are on track to top 526 billion rupees, roughly two-thirds of the 12-month goal.
As war rages on in the Middle East, that will offer some fiscal cushion to Prime Minister Narendra Modi's government, which is grappling with rising oil prices. Revenue collections have turned lacklustre too, after cuts to indirect tax rates. Concern that his administration will breach a fiscal deficit target of 4.3% of GDP for the current year is mounting. Higher fertiliser subsidies and debt servicing costs may ultimately widen the deficit by an additional 0.3% of GDP, analysts at ANZ warn.
That risk should prompt officials to accelerate deals. Last year, Goldman Sachs was hired to manage stake sales in four state-owned lenders, including narrowly held UCO Bank UCBK.NS and Punjab and Sind Bank. The government could also revive the process to find a new owner for LIC-backed IDBI Bank IDBI.NS, which received fresh bids from Canada's Fairfax and Abu Dhabi's Emirates NBD last month, per a Reuters report citing sources.
Fiscal pressure will force New Delhi to be more aggressive and creative.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
The government of India on August 4 launched an offer for up to 822 million of its shares in Life Insurance Corporation, representing an up to 6.5% stake in the insurer.
The offer priced at 382 rupees ($4.01) per share, an 11% discount to their last-traded price, opened for bidding by institutions on August 4 and will accept retail subscriptions on August 5.
(Editing by Robyn Mak; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Government plans stake sale at discount
Wider public shareholding seen as structural positive
Fundraise may go towards plugging India's oil deficit: analyst
LIC underperforming index so far this year
Rewrites throughout, adds analyst comments
By Surbhi Misra
Aug 4 (Reuters) - Shares of Life Insurance Corporation LIFI.NS dropped as much as 9.26% to their lowest in nearly four months on Tuesday, after the government said it will sell up to a 6.5% stake in India's largest insurer at a steep discount.
The government said on Monday it would sell a 2% stake, with an option to divest an additional 4.5%, at 382 rupees, in its first sale of stake in the insurer since LIC listed in 2022. The stock closed at 428.50 rupees on Monday.
A fully subscribed sale would increase LIC's public shareholding to 10%, meeting the threshold required by the Securities and Exchange Board of India well ahead of a May 2027 deadline.
While the offer may weigh on the stock near-term, the increase in public shareholding is structurally positive because it improves liquidity and institutional accessibility, said Ajit Mishra, senior vice president of research at Religare Broking.
The state-run insurer has fallen 7.83% so far this year, compared to the benchmark Nifty 50's .NSEI 6.37% drop, while the median of 22 analysts rates it a "buy", according to data compiled by LSEG.
The transaction also significantly advances the Indian government's divestment programme for the current fiscal year, which aims to raise 800 billion rupees ($8.39 billion).
The timing of the LIC stake sale is "curious" as the insurer still has about 10 months to meet the minimum public shareholding requirement, said Ambareesh Baliga, a Mumbai-based market analyst.
"The question which comes up is whether the divestment funds are being diverted to fund the oil deficit or whether it's going for capex," Baliga added.
The Indian government has already raised about 212 billion rupees through stake sales this year, and the LIC offer alone could contribute another 314 billion rupees if the greenshoe option is exercised.
As of 2:37 p.m. IST, LIC's stock was down 7.93% at 394.95 rupees.
($1 = 95.3800 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru; Editing by Ronojoy Mazumdar and Sherry Jacob-Phillips)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Government plans stake sale at discount
Wider public shareholding seen as structural positive
Fundraise may go towards plugging India's oil deficit: analyst
LIC underperforming index so far this year
Rewrites throughout, adds analyst comments
By Surbhi Misra
Aug 4 (Reuters) - Shares of Life Insurance Corporation LIFI.NS dropped as much as 9.26% to their lowest in nearly four months on Tuesday, after the government said it will sell up to a 6.5% stake in India's largest insurer at a steep discount.
The government said on Monday it would sell a 2% stake, with an option to divest an additional 4.5%, at 382 rupees, in its first sale of stake in the insurer since LIC listed in 2022. The stock closed at 428.50 rupees on Monday.
A fully subscribed sale would increase LIC's public shareholding to 10%, meeting the threshold required by the Securities and Exchange Board of India well ahead of a May 2027 deadline.
While the offer may weigh on the stock near-term, the increase in public shareholding is structurally positive because it improves liquidity and institutional accessibility, said Ajit Mishra, senior vice president of research at Religare Broking.
The state-run insurer has fallen 7.83% so far this year, compared to the benchmark Nifty 50's .NSEI 6.37% drop, while the median of 22 analysts rates it a "buy", according to data compiled by LSEG.
The transaction also significantly advances the Indian government's divestment programme for the current fiscal year, which aims to raise 800 billion rupees ($8.39 billion).
The timing of the LIC stake sale is "curious" as the insurer still has about 10 months to meet the minimum public shareholding requirement, said Ambareesh Baliga, a Mumbai-based market analyst.
"The question which comes up is whether the divestment funds are being diverted to fund the oil deficit or whether it's going for capex," Baliga added.
The Indian government has already raised about 212 billion rupees through stake sales this year, and the LIC offer alone could contribute another 314 billion rupees if the greenshoe option is exercised.
As of 2:37 p.m. IST, LIC's stock was down 7.93% at 394.95 rupees.
($1 = 95.3800 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru; Editing by Ronojoy Mazumdar and Sherry Jacob-Phillips)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
The Government of India will sell up to 6.50% of Life Insurance Corporation of India's equity through an offer for sale on BSE and NSE on August 4 and 5. The base offer is 2.50% of paid-up capital, or 31.62 crore shares, with an oversubscription option that could lift the total to 82.22 crore shares. The floor price is set at ₹382 per share, with a ₹10 discount for retail and employee bidders. LIC reported record profit after tax of ₹57,419 crore and value of new business of ₹14,179 crore, with a VNB margin of 21.2%, for the fiscal year ended March 2026. The sale is part of the government's effort to reach the minimum public shareholding requirement under securities rules.
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The Government of India will sell up to 6.50% of Life Insurance Corporation of India's equity through an offer for sale on BSE and NSE on August 4 and 5. The base offer is 2.50% of paid-up capital, or 31.62 crore shares, with an oversubscription option that could lift the total to 82.22 crore shares. The floor price is set at ₹382 per share, with a ₹10 discount for retail and employee bidders. LIC reported record profit after tax of ₹57,419 crore and value of new business of ₹14,179 crore, with a VNB margin of 21.2%, for the fiscal year ended March 2026. The sale is part of the government's effort to reach the minimum public shareholding requirement under securities rules.
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The Government of India, acting through the Department of Financial Services, has announced an Offer for Sale of its shares in Life Insurance Corporation of India, proposing to sell up to 6.5% of the insurer's paid-up equity capital via the stock-exchange mechanism. The base offer covers 31.6 crore shares, or 2.5% of equity, with an oversubscription option of a further 4%, alongside an employee offer of up to 50 lakh shares. The floor price has been set at ₹382 per share, with a ₹10 retail and employee discount on the cut-off price, and bidding runs on August 4 for non-retail investors and August 5 for retail investors. The sale is intended to help the government meet minimum public shareholding requirements. LIC reported record annual profit of ₹57,419 crore and a value of new business of ₹14,179 crore for the year to March 2026, with a 1:1 bonus issue allotted in June.
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The Government of India, acting through the Department of Financial Services, has announced an Offer for Sale of its shares in Life Insurance Corporation of India, proposing to sell up to 6.5% of the insurer's paid-up equity capital via the stock-exchange mechanism. The base offer covers 31.6 crore shares, or 2.5% of equity, with an oversubscription option of a further 4%, alongside an employee offer of up to 50 lakh shares. The floor price has been set at ₹382 per share, with a ₹10 retail and employee discount on the cut-off price, and bidding runs on August 4 for non-retail investors and August 5 for retail investors. The sale is intended to help the government meet minimum public shareholding requirements. LIC reported record annual profit of ₹57,419 crore and a value of new business of ₹14,179 crore for the year to March 2026, with a 1:1 bonus issue allotted in June.
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The Government of India launched an offer for sale of LIC equity shares, selling up to 6.5% of the insurer's paid-up capital worth roughly ₹31,410 crore at a floor price of ₹382 per share. The base offer of 2.5% opens on August 4, with an option to sell an additional 4% and retail bidding on August 5. LIC reported a record profit of ₹57,419 crore for the year to March, with value of new business up 42% to ₹14,179 crore. The divestment is part of efforts to lift public shareholding in the insurer, which remains majority-owned by the state.
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The Government of India launched an offer for sale of LIC equity shares, selling up to 6.5% of the insurer's paid-up capital worth roughly ₹31,410 crore at a floor price of ₹382 per share. The base offer of 2.5% opens on August 4, with an option to sell an additional 4% and retail bidding on August 5. LIC reported a record profit of ₹57,419 crore for the year to March, with value of new business up 42% to ₹14,179 crore. The divestment is part of efforts to lift public shareholding in the insurer, which remains majority-owned by the state.
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Adds details throughout
Aug 3 (Reuters) - The Indian government will sell up to a 6.5% stake in Life Insurance Corporation of India LIFI.NS through an offer for sale, an exchange filing showed on Monday, as the insurer seeks to meet a regulatory requirement to raise its public shareholding.
The country's market regulator has allowed LIC to meet a minimum 10% public shareholding requirement by May 16, 2027. If fully exercised, the offer for sale would raise LIC's public shareholding to 10% from 3.5% currently.
"This (OFS) will help achieve MPS milestones ahead of schedule," the divestment secretary said in a post on X.
LIC, the country's largest insurer, listed in May 2022 in one of India's biggest initial public offerings, with the government selling a 3.5% stake. The latest offer for sale marks the government's first divestment in the insurer since the listing.
LIC's offer for sale consists of a base offer of up to a 2% equity stake in the company, with an option to sell an additional 4.5% stake. It will open for non-retail investors on Tuesday and for retail investors on Wednesday.
The floor price has been set at 382 rupees per share. At the floor price, the 6.5% stake would be valued at 314.1 billion rupees ($3.29 billion).
LIC shares ended 0.9% higher on Monday at 428.5 rupees.
The sale comes as India pushes ahead with its divestment programme, having set a divestment and asset monetisation target of 800 billion rupees for fiscal 2027.
It has collected 212 billion rupees through stake sales so far this year, including via OFS in companies such as NHPCNHPC.NS , Coal India COAL.NS and Indian Railway Finance CorpINID.NS .
($1 = 95.3300 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Tasim Zahid)
(([email protected];))
Adds details throughout
Aug 3 (Reuters) - The Indian government will sell up to a 6.5% stake in Life Insurance Corporation of India LIFI.NS through an offer for sale, an exchange filing showed on Monday, as the insurer seeks to meet a regulatory requirement to raise its public shareholding.
The country's market regulator has allowed LIC to meet a minimum 10% public shareholding requirement by May 16, 2027. If fully exercised, the offer for sale would raise LIC's public shareholding to 10% from 3.5% currently.
"This (OFS) will help achieve MPS milestones ahead of schedule," the divestment secretary said in a post on X.
LIC, the country's largest insurer, listed in May 2022 in one of India's biggest initial public offerings, with the government selling a 3.5% stake. The latest offer for sale marks the government's first divestment in the insurer since the listing.
LIC's offer for sale consists of a base offer of up to a 2% equity stake in the company, with an option to sell an additional 4.5% stake. It will open for non-retail investors on Tuesday and for retail investors on Wednesday.
The floor price has been set at 382 rupees per share. At the floor price, the 6.5% stake would be valued at 314.1 billion rupees ($3.29 billion).
LIC shares ended 0.9% higher on Monday at 428.5 rupees.
The sale comes as India pushes ahead with its divestment programme, having set a divestment and asset monetisation target of 800 billion rupees for fiscal 2027.
It has collected 212 billion rupees through stake sales so far this year, including via OFS in companies such as NHPCNHPC.NS , Coal India COAL.NS and Indian Railway Finance CorpINID.NS .
($1 = 95.3300 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Tasim Zahid)
(([email protected];))
July 28 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC - APPOINTS SHATMANYU SHRIVASTAVA, EXECUTIVE DIRECTOR (FINANCE & ACCOUNTS) AS CHIEF FINANCIAL OFFICER
Source text: [ID:]
Further company coverage: LIFI.NS
(([email protected];;))
July 28 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC - APPOINTS SHATMANYU SHRIVASTAVA, EXECUTIVE DIRECTOR (FINANCE & ACCOUNTS) AS CHIEF FINANCIAL OFFICER
Source text: [ID:]
Further company coverage: LIFI.NS
(([email protected];;))
Adds details paragraph 2 onwards
July 15 (Reuters) - India's largest lender, State Bank of India SBI.NS, on Wednesday appointed former Life Insurance Corporation LIFI.NS finance chief Sunil Ramgopal Agrawal as its chief financial officer-designate, with effect from August 1.
During his tenure at LIC, Agrawal oversaw the insurer's finance function and worked on financial planning, capital management, financial reporting, investor relations and regulatory engagement, SBI said.
The bank did not disclose details about current CFO Kameshwar Rao Kodavanti, who has held the role since July 1, 2023.
(Reporting by Surbhi Misra and Chandini Monnappa in Bengaluru; Editing by Vijay Kishore)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Adds details paragraph 2 onwards
July 15 (Reuters) - India's largest lender, State Bank of India SBI.NS, on Wednesday appointed former Life Insurance Corporation LIFI.NS finance chief Sunil Ramgopal Agrawal as its chief financial officer-designate, with effect from August 1.
During his tenure at LIC, Agrawal oversaw the insurer's finance function and worked on financial planning, capital management, financial reporting, investor relations and regulatory engagement, SBI said.
The bank did not disclose details about current CFO Kameshwar Rao Kodavanti, who has held the role since July 1, 2023.
(Reporting by Surbhi Misra and Chandini Monnappa in Bengaluru; Editing by Vijay Kishore)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Updates with statements from IDBI, Emirates in paragraph 4, market cap in paragraph 8 after close
By Nikunj Ohri
July 14 (Reuters) - India has received revised bids from Canada's Fairfax Financial FFH.TO and Dubai's Emirates NBD ENBD.DU for the sale of its majority stake in IDBI Bank IDBI.NS, two sources said, reviving a transaction stalled earlier this year over valuation expectations.
India's federal government and state-run Life Insurance Corp of India LIFI.NS are selling a combined 60.7% stake in IDBI Bank, with the transaction expected to be completed in a month, one of the sources said on Tuesday.
The sale process was stalled earlier this year after bids submitted in March by Fairfax and Emirates fell short of the government's expectations.
IDBI Bank said in a statement to exchanges on Tuesday that it cannot confirm or deny reports about Fairfax Financial's offer and has received no government communication on the ongoing disinvestment process. Emirates NBD declined to comment.
The revised bids are being evaluated, and a top panel of bureaucrats met on Monday to discuss the stake sale, a third source said. The Indian government owns 45.48% of IDBI Bank, while LIC holds 49.24%.
Fairfax is the frontrunner to acquire the bank and is in conversation with the government while Emirates is not actively pursuing the deal after having acquired another Indian lender last year, one of the two sources and another source said.
Details of the revised bids and valuation of the bank could not be immediately ascertained. Shares of IDBI Bank closed 2.87% higher at 86.54 rupees, giving the lender a market capitalisation of 930.5 billion rupees.($9.67 billion)
The finance ministry, LIC and Fairfax did not immediately respond to requests for comment. The sources spoke on condition of anonymity to discuss sensitive matters.
The revised bids come amid growing foreign investor interest in India's financial sector.
Last year, Emirates NBD acquired a stake in private lender RBL Bank RATB.NS for $3 billion, while Japan's MUFG 8306.T bought a 20% stake in non-bank lender Shriram Finance SHMF.NS for $4.4 billion, marking some of the largest foreign investments in India's banking industry.
To draw similar interest in state-run banks, India also plans to raise the foreign direct investment limit in them to 49% from 20% presently.
REVIVED SALE PROCESS
IDBI Bank's stake sale process was initiated in 2022 and has since dragged on due to regulatory and procedural approvals.
By March 2026, when the process neared its completion, it stalled due to high government valuation expectations and weak investor appetite amid the Middle East conflict.
Concerns over pension and gratuity liabilities also weighed on bids, Reuters had reported.
($1 = 96.2000 Indian rupees)
(Reporting by Nikunj Ohri, Additional reporting by Ira Dugal and Gopika Gopakumar; Writing by Kashish Tandon; Editing by Mrigank Dhaniwala, Sonia Cheema and Muralikumar Anantharaman)
(([email protected]; 8800437922;))
Updates with statements from IDBI, Emirates in paragraph 4, market cap in paragraph 8 after close
By Nikunj Ohri
July 14 (Reuters) - India has received revised bids from Canada's Fairfax Financial FFH.TO and Dubai's Emirates NBD ENBD.DU for the sale of its majority stake in IDBI Bank IDBI.NS, two sources said, reviving a transaction stalled earlier this year over valuation expectations.
India's federal government and state-run Life Insurance Corp of India LIFI.NS are selling a combined 60.7% stake in IDBI Bank, with the transaction expected to be completed in a month, one of the sources said on Tuesday.
The sale process was stalled earlier this year after bids submitted in March by Fairfax and Emirates fell short of the government's expectations.
IDBI Bank said in a statement to exchanges on Tuesday that it cannot confirm or deny reports about Fairfax Financial's offer and has received no government communication on the ongoing disinvestment process. Emirates NBD declined to comment.
The revised bids are being evaluated, and a top panel of bureaucrats met on Monday to discuss the stake sale, a third source said. The Indian government owns 45.48% of IDBI Bank, while LIC holds 49.24%.
Fairfax is the frontrunner to acquire the bank and is in conversation with the government while Emirates is not actively pursuing the deal after having acquired another Indian lender last year, one of the two sources and another source said.
Details of the revised bids and valuation of the bank could not be immediately ascertained. Shares of IDBI Bank closed 2.87% higher at 86.54 rupees, giving the lender a market capitalisation of 930.5 billion rupees.($9.67 billion)
The finance ministry, LIC and Fairfax did not immediately respond to requests for comment. The sources spoke on condition of anonymity to discuss sensitive matters.
The revised bids come amid growing foreign investor interest in India's financial sector.
Last year, Emirates NBD acquired a stake in private lender RBL Bank RATB.NS for $3 billion, while Japan's MUFG 8306.T bought a 20% stake in non-bank lender Shriram Finance SHMF.NS for $4.4 billion, marking some of the largest foreign investments in India's banking industry.
To draw similar interest in state-run banks, India also plans to raise the foreign direct investment limit in them to 49% from 20% presently.
REVIVED SALE PROCESS
IDBI Bank's stake sale process was initiated in 2022 and has since dragged on due to regulatory and procedural approvals.
By March 2026, when the process neared its completion, it stalled due to high government valuation expectations and weak investor appetite amid the Middle East conflict.
Concerns over pension and gratuity liabilities also weighed on bids, Reuters had reported.
($1 = 96.2000 Indian rupees)
(Reporting by Nikunj Ohri, Additional reporting by Ira Dugal and Gopika Gopakumar; Writing by Kashish Tandon; Editing by Mrigank Dhaniwala, Sonia Cheema and Muralikumar Anantharaman)
(([email protected]; 8800437922;))
July 13 (Reuters) - India's largest asset manager, SBI Funds Management SBIA.NS, said late Monday it sold shares worth 26.63 billion rupees ($278.50 million) to anchor investors in its initial public offering.
The shares were allocated at 574 rupees, the upper end of the IPO price band, SBI Funds said in a filing.
($1 = 95.6200 Indian rupees)
(Reporting by Chris Thomas in Mexico City; Editing by Shailesh Kuber)
(([email protected];))
July 13 (Reuters) - India's largest asset manager, SBI Funds Management SBIA.NS, said late Monday it sold shares worth 26.63 billion rupees ($278.50 million) to anchor investors in its initial public offering.
The shares were allocated at 574 rupees, the upper end of the IPO price band, SBI Funds said in a filing.
($1 = 95.6200 Indian rupees)
(Reporting by Chris Thomas in Mexico City; Editing by Shailesh Kuber)
(([email protected];))
Hefty upfront payouts have fueled policy churn and unsuitable sales, sources say
New model may tie pay to selling effort and after-sales services
India is one of Asia's biggest insurance markets but penetration remains low
By Ashwin Manikandan
MUMBAI, July 3 (Reuters) - India's insurance regulator is seeking to reform how distributors are paid in an effort to rein in mis-selling, and plans to propose commissions be paid out over the life of a policy instead of in large upfront payments, two sources said.
The revamp is part of a broad review by the Insurance Regulatory and Development Authority of India (IRDAI) and also aims to reduce high distribution costs in one of the world's fastest-growing insurance markets, according to the sources who have knowledge of the discussions between the regulator and the industry.
"A draft framework is imminent and could be circulated within the next four to six weeks," said one of the sources, who declined to be identified as the talks were private.
Staggering commission payments would bring India in line with major global markets such as the U.S., the UK and Europe.
The planned proposal to move from large upfront payments in favour of paying out commissions over the life of a policy has not been previously reported.
IRDAI did not immediately respond to a request for comment.
The regulator's chair, Ajay Seth, said last week that it was working on a distribution reform consultation paper that could be issued by the end of July.
A SECTOR RIPE FOR REFORM
Indian authorities have been keen to reform the country's insurance industry.
There have been concerns that hefty upfront commissions encourage distributors to prioritise sales volumes over customer suitability, resulting in mis-selling and customers being pushed into purchasing policies frequently.
Distributors can earn commissions of up to 40% of premiums on some life and health insurance products, industry executives say, with a significant portion of that gained upfront.
India is one of Asia's largest markets with gross premium collections exceeding 11.9 trillion rupees ($125 billion) annually. But insurance penetration — measured by the total amount of insurance premiums underwritten in a year — was just 3.7% of GDP in 2024. That compares with an Allianz estimate of 7.2% for the global average.
The government last year cut the tax levied on individual health and life insurance premiums to 0% from 18% to make policies more affordable. It also opened up the sector to 100% foreign direct investment, leading to a further pick-up in interest from overseas companies.
NEW PRICING MODEL FLOATED
The regulator is also considering linking commissions to a pricing model that factors in the effort involved in selling and servicing a policy, the sources said. The current system largely relies on a fixed commission agreed between an insurer and a distributor.
The model under consideration could reward agents helping customers with face-to-face advisory services, filling out paperwork and managing claims with a higher commission fee than, say, a bank selling policies to customers as an add-on product.
Commissions could also be capped depending on the product, the policy length and complexity, the sources said.
Disclosure requirements for agents, brokers and other distributors are also likely to be tightened, bringing greater transparency to commission and remuneration structures, the sources said.
India has more than 60 insurers. Major domestic life insurers include state-owned Life Insurance Corp of India LIFI.NS, ICICI Prudential ICIR.NS and HDFC Life HDFL.NS, while ICICI Lombard ICIL.NS and Bajaj General Insurance are among the top non-life players.
Foreign firms include Prudential PRU.L, Sun Life Financial SLF.TO and AIG AIG.N.
($1 = 95.3900 Indian rupees)
(Reporting by Ashwin Manikandan; Editing by Ira Dugal and Edwina Gibbs)
(([email protected];))
Hefty upfront payouts have fueled policy churn and unsuitable sales, sources say
New model may tie pay to selling effort and after-sales services
India is one of Asia's biggest insurance markets but penetration remains low
By Ashwin Manikandan
MUMBAI, July 3 (Reuters) - India's insurance regulator is seeking to reform how distributors are paid in an effort to rein in mis-selling, and plans to propose commissions be paid out over the life of a policy instead of in large upfront payments, two sources said.
The revamp is part of a broad review by the Insurance Regulatory and Development Authority of India (IRDAI) and also aims to reduce high distribution costs in one of the world's fastest-growing insurance markets, according to the sources who have knowledge of the discussions between the regulator and the industry.
"A draft framework is imminent and could be circulated within the next four to six weeks," said one of the sources, who declined to be identified as the talks were private.
Staggering commission payments would bring India in line with major global markets such as the U.S., the UK and Europe.
The planned proposal to move from large upfront payments in favour of paying out commissions over the life of a policy has not been previously reported.
IRDAI did not immediately respond to a request for comment.
The regulator's chair, Ajay Seth, said last week that it was working on a distribution reform consultation paper that could be issued by the end of July.
A SECTOR RIPE FOR REFORM
Indian authorities have been keen to reform the country's insurance industry.
There have been concerns that hefty upfront commissions encourage distributors to prioritise sales volumes over customer suitability, resulting in mis-selling and customers being pushed into purchasing policies frequently.
Distributors can earn commissions of up to 40% of premiums on some life and health insurance products, industry executives say, with a significant portion of that gained upfront.
India is one of Asia's largest markets with gross premium collections exceeding 11.9 trillion rupees ($125 billion) annually. But insurance penetration — measured by the total amount of insurance premiums underwritten in a year — was just 3.7% of GDP in 2024. That compares with an Allianz estimate of 7.2% for the global average.
The government last year cut the tax levied on individual health and life insurance premiums to 0% from 18% to make policies more affordable. It also opened up the sector to 100% foreign direct investment, leading to a further pick-up in interest from overseas companies.
NEW PRICING MODEL FLOATED
The regulator is also considering linking commissions to a pricing model that factors in the effort involved in selling and servicing a policy, the sources said. The current system largely relies on a fixed commission agreed between an insurer and a distributor.
The model under consideration could reward agents helping customers with face-to-face advisory services, filling out paperwork and managing claims with a higher commission fee than, say, a bank selling policies to customers as an add-on product.
Commissions could also be capped depending on the product, the policy length and complexity, the sources said.
Disclosure requirements for agents, brokers and other distributors are also likely to be tightened, bringing greater transparency to commission and remuneration structures, the sources said.
India has more than 60 insurers. Major domestic life insurers include state-owned Life Insurance Corp of India LIFI.NS, ICICI Prudential ICIR.NS and HDFC Life HDFL.NS, while ICICI Lombard ICIL.NS and Bajaj General Insurance are among the top non-life players.
Foreign firms include Prudential PRU.L, Sun Life Financial SLF.TO and AIG AIG.N.
($1 = 95.3900 Indian rupees)
(Reporting by Ashwin Manikandan; Editing by Ira Dugal and Edwina Gibbs)
(([email protected];))
Life Insurance Corporation of India's Chief Financial Officer Sunil Agrawal resigned on June 24, 2026, to pursue better prospects. His resignation will be effective from the close of business on July 14, 2026, when he will cease to be CFO and Key Managerial Personnel. Agrawal submitted his resignation letter to the CEO and Managing Director, expressing gratitude for the opportunities during his tenure.
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Life Insurance Corporation of India's Chief Financial Officer Sunil Agrawal resigned on June 24, 2026, to pursue better prospects. His resignation will be effective from the close of business on July 14, 2026, when he will cease to be CFO and Key Managerial Personnel. Agrawal submitted his resignation letter to the CEO and Managing Director, expressing gratitude for the opportunities during his tenure.
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June 24 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC - SUNIL AGRAWAL RESIGNS AS CFO OF LIFE INSURANCE CORPORATION OF INDIA EFFECTIVE JULY 14, 2026
Source text: ID:nBSE74cYzJ
Further company coverage: LIFI.NS
(([email protected];))
June 24 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC - SUNIL AGRAWAL RESIGNS AS CFO OF LIFE INSURANCE CORPORATION OF INDIA EFFECTIVE JULY 14, 2026
Source text: ID:nBSE74cYzJ
Further company coverage: LIFI.NS
(([email protected];))
Adds details throughout on Jio Platforms
MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said would raise about $3.8 billion, making it the country's biggest-ever stock offering.
Another IPO that is in the pipeline - by the National Stock Exchange of India - is likely to be worth about $3.3 billion.
Here are the five largest Indian IPOs to date:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India's biggest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors set to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion rupees ($2.17 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by AdityaKate Mayberry and Kevin Buckland)
(([email protected];))
Adds details throughout on Jio Platforms
MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said would raise about $3.8 billion, making it the country's biggest-ever stock offering.
Another IPO that is in the pipeline - by the National Stock Exchange of India - is likely to be worth about $3.3 billion.
Here are the five largest Indian IPOs to date:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India's biggest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors set to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion rupees ($2.17 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by AdityaKate Mayberry and Kevin Buckland)
(([email protected];))
Listing will see existing shareholders offering to sell about 6% of equity
Estimated $3.3 billion IPO to value India's biggest bourse at $57 billion
State Bank of India to make $498 million, Temasek to make $219 million
Adds Temasek declined to comment in paragraph 15
By Jayshree P Upadhyay
MUMBAI, June 18 (Reuters) - Investors from Indian state-owned lenders to Singapore's sovereign wealth fund and Canada's national pension manager are set to reap a $2.6 billion windfall as India's National Stock Exchange (NSE) moves ahead with a long-awaited listing.
NSE — the country's largest bourse and the world's most active derivatives exchange — filed draft papers for an initial public offering late on Wednesday, following years of regulatory delays.
The listing will be a pure offer-for-sale, with existing shareholders offering to sell about 6% of the exchange's equity and no fresh equity raised.
NSE has more than 200,000 investors currently, and its shares trade at close to 2,000 rupees ($21.18) in the unlisted market, according to trading platforms. That suggests a valuation of some $57 billion, setting the bourse up to become the world's fifth most valuable after London Stock Exchange Group.
The exchange may offer shares at a 5% to 10% discount to private market valuations, said three sources, including merchant bankers. The valuation under discussion is around 1,900 rupees per share, they added, declining to be identified as they are not authorised to speak to the media.
"At this valuation NSE would attract incoming investors while not short-changing existing ones," one source said.
A final decision on pricing will be taken closer to listing, following investor roadshows.
At 1,900 rupees per share, the IPO would be worth $3.3 billion, making it one of India's two largest public offerings alongside Mukesh Ambani’s Reliance Jio, which is likely to list this year in an IPO worth some $4 billion.
NSE said it could not comment beyond that it has filed an IPO prospectus when asked by Reuters about the valuation.
WINDFALL GAINS
The top 10 investors offering shares are set for a windfall worth some $2.6 billion, based on acquisition prices disclosed in the draft prospectus.
State Bank of India, the country’s largest lender, will lock in gains of about 47 billion rupees ($497.67 million), while MS Strategic (Mauritius), a Morgan Stanley fund, will make about 29.34 billion rupees, according to Reuters calculations based on prospectus disclosures and valuation estimates.
Singapore's Temasek stands to make 20.67 billion rupees via its Aranda Investment arm, and Canada Pension Plan Investment Board will gain 18.71 billion rupees.
State Bank of India and Morgan Stanley did not immediately respond to emails seeking comment. CPPIB and Temasek declined to comment.
Anubhav Dayal, founder of Hong Kong-headquartered Soach Global Corporation, said its flagship fund first bought into NSE in early 2016 and is now selling 20% of its holding to provide liquidity to investors.
"It has proven to be a great investment. We saw the potential in NSE to serve India's masses," Dayal said, adding that the firm continues to hold NSE as a key investment. "NSE will continue to play an important role in India's economic activity."
GROWTH PROSPECTS AND REGULATORY RISKS
The exchange is likely to begin IPO roadshows over the next two months, the sources said, adding that both domestic mutual funds and global funds have shown early interest in anchoring the issue.
The exchange’s revenue has more than doubled between April 2019 and April 2026 to about 187 billion rupees, driven by strong growth in options trading. However, growth has slowed over the past year after a series of regulatory curbs on derivatives.
The exchange, detailing regulatory risks in its filing, said revenue could continue to be impacted by government and regulatory measures aimed at tempering derivatives activity.
In its IPO papers, NSE said growth will hinge on continued expansion in first-time investors, rising trading activity, innovation in derivatives products and a push into commodities.
Ravi Varanasi, a former group president at NSE who now runs a consultancy advising Indian exchanges, said NSE's near-total grip on the cash market gives it a strong long-term growth opportunity.
"As India’s market capitalisation deepens, cash trading volumes are expected to rise steadily," he said.
($1 = 94.5250 Indian rupees)
(Reporting by Jayshree P Upadhyay; Additional reporting by Bharath Rajeswaran in Bengaluru; Editing by Ira Dugal and Kevin Buckland)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Listing will see existing shareholders offering to sell about 6% of equity
Estimated $3.3 billion IPO to value India's biggest bourse at $57 billion
State Bank of India to make $498 million, Temasek to make $219 million
Adds Temasek declined to comment in paragraph 15
By Jayshree P Upadhyay
MUMBAI, June 18 (Reuters) - Investors from Indian state-owned lenders to Singapore's sovereign wealth fund and Canada's national pension manager are set to reap a $2.6 billion windfall as India's National Stock Exchange (NSE) moves ahead with a long-awaited listing.
NSE — the country's largest bourse and the world's most active derivatives exchange — filed draft papers for an initial public offering late on Wednesday, following years of regulatory delays.
The listing will be a pure offer-for-sale, with existing shareholders offering to sell about 6% of the exchange's equity and no fresh equity raised.
NSE has more than 200,000 investors currently, and its shares trade at close to 2,000 rupees ($21.18) in the unlisted market, according to trading platforms. That suggests a valuation of some $57 billion, setting the bourse up to become the world's fifth most valuable after London Stock Exchange Group.
The exchange may offer shares at a 5% to 10% discount to private market valuations, said three sources, including merchant bankers. The valuation under discussion is around 1,900 rupees per share, they added, declining to be identified as they are not authorised to speak to the media.
"At this valuation NSE would attract incoming investors while not short-changing existing ones," one source said.
A final decision on pricing will be taken closer to listing, following investor roadshows.
At 1,900 rupees per share, the IPO would be worth $3.3 billion, making it one of India's two largest public offerings alongside Mukesh Ambani’s Reliance Jio, which is likely to list this year in an IPO worth some $4 billion.
NSE said it could not comment beyond that it has filed an IPO prospectus when asked by Reuters about the valuation.
WINDFALL GAINS
The top 10 investors offering shares are set for a windfall worth some $2.6 billion, based on acquisition prices disclosed in the draft prospectus.
State Bank of India, the country’s largest lender, will lock in gains of about 47 billion rupees ($497.67 million), while MS Strategic (Mauritius), a Morgan Stanley fund, will make about 29.34 billion rupees, according to Reuters calculations based on prospectus disclosures and valuation estimates.
Singapore's Temasek stands to make 20.67 billion rupees via its Aranda Investment arm, and Canada Pension Plan Investment Board will gain 18.71 billion rupees.
State Bank of India and Morgan Stanley did not immediately respond to emails seeking comment. CPPIB and Temasek declined to comment.
Anubhav Dayal, founder of Hong Kong-headquartered Soach Global Corporation, said its flagship fund first bought into NSE in early 2016 and is now selling 20% of its holding to provide liquidity to investors.
"It has proven to be a great investment. We saw the potential in NSE to serve India's masses," Dayal said, adding that the firm continues to hold NSE as a key investment. "NSE will continue to play an important role in India's economic activity."
GROWTH PROSPECTS AND REGULATORY RISKS
The exchange is likely to begin IPO roadshows over the next two months, the sources said, adding that both domestic mutual funds and global funds have shown early interest in anchoring the issue.
The exchange’s revenue has more than doubled between April 2019 and April 2026 to about 187 billion rupees, driven by strong growth in options trading. However, growth has slowed over the past year after a series of regulatory curbs on derivatives.
The exchange, detailing regulatory risks in its filing, said revenue could continue to be impacted by government and regulatory measures aimed at tempering derivatives activity.
In its IPO papers, NSE said growth will hinge on continued expansion in first-time investors, rising trading activity, innovation in derivatives products and a push into commodities.
Ravi Varanasi, a former group president at NSE who now runs a consultancy advising Indian exchanges, said NSE's near-total grip on the cash market gives it a strong long-term growth opportunity.
"As India’s market capitalisation deepens, cash trading volumes are expected to rise steadily," he said.
($1 = 94.5250 Indian rupees)
(Reporting by Jayshree P Upadhyay; Additional reporting by Bharath Rajeswaran in Bengaluru; Editing by Ira Dugal and Kevin Buckland)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Adds comment from Valcambi in paragraph 3
By Jayshree P Upadhyay
MUMBAI, June 5 (Reuters) - An official Indian investigation into gold company Rajesh Exports REXP.NS has alleged that the firm overstated revenue of its Swiss refining unit Valcambi to the tune of $159 billion - a figure unheard of in the country's accounting probes.
The scale of the alleged misreporting, released publicly by the markets regulator on Wednesday, has raised questions about how investors and analysts missed this, especially because India's state-run insurance giant LIC owns 11% of the company.
Rajesh Exports has denied wrongdoing. On Friday, in an exchange statement, the company said, "the major point mis-interpreted with regard to the revenues of the company is totally misplaced." LIC did not responded to Reuters queries.
Valcambi declined to comment, adding that it has no information about the issue, which concerns its controlling shareholder.
Here are some of the Securities and Exchange Board of India's (SEBI) preliminary findings.
REVENUE INFLATION AND VALCAMBI
Valcambi, one of the world’s largest refiners of precious metals, was owned by European Gold Refineries until a 2015 all-cash sale to Rajesh Exports.
SEBI said Rajesh Exports allegedly inflated its reported India revenue by 15.15 trillion rupees ($158.93 billion) between April 2020 and March 2025. Almost all of the company's revenue was attributed to Valcambi, the group’s main operating entity, though its standalone accounts showed revenue of $70 million to $100 million, SEBI said.
Rajesh Exports Chairman Rajesh Mehta did not comment on the difference between Valcambi's revenues and the Indian unit's financials on Thursday, but he told Reuters all disclosures were correct.
"There seems to be some miscommunication with SEBI and a gap of information. The financials are perfect," Mehta said, adding that the company "will continue to cooperate."
Rajesh Exports is listed in Mumbai and its shares have fallen 10% in the wake of SEBI's order.
WHAT DOES RAJESH EXPORTS DO?
Rajesh Mehta and his brother started Rajesh Exports in 1989 in Bengaluru.
It has since expanded to 12 countries and calls itself a "global leader in the gold business," spanning refining to retailing.
The company gained global prominence after its 2015 acquisition of Valcambi for $400 million.
MISSING MINES IN AFRICA
SEBI has alleged that Rajesh Exports disclosed to Indian exchanges that it invested 10.35 billion Indian rupees in gold mines in Africa.
But an examination of the financial statements of its subsidiaries did not find "supporting documentation demonstrating the existence of the alleged investment in gold mines in Africa," according to SEBI's order.
When asked, Rajesh Exports told SEBI that investments in gold mines existed through foreign subsidiaries and the investment figures were “tallying and correct,” the order showed.
FICTITIOUS TRADES
SEBI said Rajesh Exports recorded "fictitious revenue" in its dealings with a local broker. More than 114 billion rupees were booked as sales and purchases despite a lack of evidence of genuine transactions or banking links.
SEBI started its probe into the company in 2024 after a complaint cited large, outstanding trade receivables.
SEBI appointed a forensic auditor who could verify only a fraction of the company's reported numbers due to a lack of documentation, the regulator said.
(Reporting by Jayshree P Upadhyay, additional reporting by Rajendra Jadhav in Mumbai and Polina Devitt in London; Editing by Aditya Kalra and Thomas Derpinghaus)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Adds comment from Valcambi in paragraph 3
By Jayshree P Upadhyay
MUMBAI, June 5 (Reuters) - An official Indian investigation into gold company Rajesh Exports REXP.NS has alleged that the firm overstated revenue of its Swiss refining unit Valcambi to the tune of $159 billion - a figure unheard of in the country's accounting probes.
The scale of the alleged misreporting, released publicly by the markets regulator on Wednesday, has raised questions about how investors and analysts missed this, especially because India's state-run insurance giant LIC owns 11% of the company.
Rajesh Exports has denied wrongdoing. On Friday, in an exchange statement, the company said, "the major point mis-interpreted with regard to the revenues of the company is totally misplaced." LIC did not responded to Reuters queries.
Valcambi declined to comment, adding that it has no information about the issue, which concerns its controlling shareholder.
Here are some of the Securities and Exchange Board of India's (SEBI) preliminary findings.
REVENUE INFLATION AND VALCAMBI
Valcambi, one of the world’s largest refiners of precious metals, was owned by European Gold Refineries until a 2015 all-cash sale to Rajesh Exports.
SEBI said Rajesh Exports allegedly inflated its reported India revenue by 15.15 trillion rupees ($158.93 billion) between April 2020 and March 2025. Almost all of the company's revenue was attributed to Valcambi, the group’s main operating entity, though its standalone accounts showed revenue of $70 million to $100 million, SEBI said.
Rajesh Exports Chairman Rajesh Mehta did not comment on the difference between Valcambi's revenues and the Indian unit's financials on Thursday, but he told Reuters all disclosures were correct.
"There seems to be some miscommunication with SEBI and a gap of information. The financials are perfect," Mehta said, adding that the company "will continue to cooperate."
Rajesh Exports is listed in Mumbai and its shares have fallen 10% in the wake of SEBI's order.
WHAT DOES RAJESH EXPORTS DO?
Rajesh Mehta and his brother started Rajesh Exports in 1989 in Bengaluru.
It has since expanded to 12 countries and calls itself a "global leader in the gold business," spanning refining to retailing.
The company gained global prominence after its 2015 acquisition of Valcambi for $400 million.
MISSING MINES IN AFRICA
SEBI has alleged that Rajesh Exports disclosed to Indian exchanges that it invested 10.35 billion Indian rupees in gold mines in Africa.
But an examination of the financial statements of its subsidiaries did not find "supporting documentation demonstrating the existence of the alleged investment in gold mines in Africa," according to SEBI's order.
When asked, Rajesh Exports told SEBI that investments in gold mines existed through foreign subsidiaries and the investment figures were “tallying and correct,” the order showed.
FICTITIOUS TRADES
SEBI said Rajesh Exports recorded "fictitious revenue" in its dealings with a local broker. More than 114 billion rupees were booked as sales and purchases despite a lack of evidence of genuine transactions or banking links.
SEBI started its probe into the company in 2024 after a complaint cited large, outstanding trade receivables.
SEBI appointed a forensic auditor who could verify only a fraction of the company's reported numbers due to a lack of documentation, the regulator said.
(Reporting by Jayshree P Upadhyay, additional reporting by Rajendra Jadhav in Mumbai and Polina Devitt in London; Editing by Aditya Kalra and Thomas Derpinghaus)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
May 27 (Reuters) -
INDIA SAID TO PREPARE $1 BILLION LIC STAKE SALE NEXT MONTH - BLOOMBERG NEWS
Source text: https://tinyurl.com/3veredwn
Further company coverage: LIFI.NS
(([email protected];))
May 27 (Reuters) -
INDIA SAID TO PREPARE $1 BILLION LIC STAKE SALE NEXT MONTH - BLOOMBERG NEWS
Source text: https://tinyurl.com/3veredwn
Further company coverage: LIFI.NS
(([email protected];))
May 22 (Reuters) - Shares of India's Life Insurance Corporation of India LIFI.NS climbed as much as 4.85% on Friday after it reported a 23% rise in quarterly profit helped by strong group business growth and continued momentum from last year's tax cuts.
(Reporting by Urvi Dugar in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; +91 9558725583;))
May 22 (Reuters) - Shares of India's Life Insurance Corporation of India LIFI.NS climbed as much as 4.85% on Friday after it reported a 23% rise in quarterly profit helped by strong group business growth and continued momentum from last year's tax cuts.
(Reporting by Urvi Dugar in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; +91 9558725583;))
BENGALURU, May 21 (Reuters) - State-owned Life Insurance Corporation of India LIFI.NS reported a 23% rise in quarterly profit on Thursday, supported by a rise in premium collections.
The insurer's net profit rose to 234.20 billion rupees ($2.43 billion) for the three months ended March 31, up from 190.13 billion rupees a year earlier.
($1 = 96.2000 Indian rupees)
(Reporting by Nishit Navin)
(([email protected];))
BENGALURU, May 21 (Reuters) - State-owned Life Insurance Corporation of India LIFI.NS reported a 23% rise in quarterly profit on Thursday, supported by a rise in premium collections.
The insurer's net profit rose to 234.20 billion rupees ($2.43 billion) for the three months ended March 31, up from 190.13 billion rupees a year earlier.
($1 = 96.2000 Indian rupees)
(Reporting by Nishit Navin)
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Katrina Hamlin
HONG KONG, May 18 (Reuters Breakingviews) - Prudential PRU.L, 2378.HK has a punchy plan to shake up its life insurance business in India: it's buying a controlling stake in Bharti Life Insurance. Tapping its new partner's telco and asset management customers is a risky alternative to the tried-and-tested model of distributing products via a bank but could be an ingenious way to kickstart growth.
The $38 billion group agreed to acquire 75% of Bharti Life from Bharti Life Ventures and 360 ONE Asset Management ONEW.NS for $389 million, it said on Sunday.
That means Prudential CEO Anil Wadhwani is doing a switcheroo: the transaction requires Pru to reduce its stake in an existing venture with ICICI Bank ICBK.NS to under 10%, from 22%, per the company. It could well go on to divest what remains, leaving Bharti as its key partner.
The Indian business is in need of a reboot. New business sales there fell 2% last year, and its ranking among private life insurers fell to fifth from third a year earlier. That was a disappointing result for what ought to be a high-growth market. The world’s most populous country has only 3% penetration in the life insurance space, Prudential reckons.
Wadhwani’s solution is a creative one. Insurers often lean on large banks like ICICI to reach potential policy buyers. But the target’s main attraction is Bharti Airtel’s BRTI.NS nearly 300 million smartphone customers in India, compared with ICICI’s roughly 80 million retail banking clients, per data from Bharti and BCG Matrix. Overlapping markets in Africa could also open up other emerging markets, while the telecom company's asset management arm could help Pru reach India’s high net worth individuals.
But making it work could be tough. JioBlackRock, a joint venture between BlackRock BLK.N and Jio Financial Services JIOF.NS, is tapping additional distributors to sell its products after trying a digital direct model that leaned on its connections to Reliance Jio, India’s largest telecoms group.
And while the deal price seems fair, it’s not a bargain, valuing the company at just over $500 million, or around 1.5 times its embedded value as of September. That’s in line with the average for rivals SBI Life Insurance SBIL.NS, HDFC Life Insurance HDFL.NS and the Life Insurance Corporation of India LIFI.NS, per Visible Alpha, and just below 1.6 times for ICICI Prudential Life Insurance ICIR.NS. Shareholders sent Pru’s stock down 2% in morning trade in Hong Kong. That's probably because Wadhwani's punt for better rewards in India comes with higher risks.
Follow Katrina Hamlin on Bluesky and Linkedin.
CONTEXT NEWS
Insurer Prudential said on May 17 that it has agreed to acquire a 75% stake in Bharti Life Insurance from Bharti Life Ventures and 360 ONE Asset Management for an initial cash consideration of $389 million, with a potential additional consideration of up to $78 million, subject to certain conditions.
Prudential’s Hong Kong-listed shares fell 2.26% to HK$116.8 in morning trade on May 18.
ICICI Prudential Life Insurance's growth has slowed in recent years https://www.reuters.com/graphics/BRV-BRV/zdpxgbdybvx/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on HAMLIN/[email protected]; Reuters Messaging: [email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Katrina Hamlin
HONG KONG, May 18 (Reuters Breakingviews) - Prudential PRU.L, 2378.HK has a punchy plan to shake up its life insurance business in India: it's buying a controlling stake in Bharti Life Insurance. Tapping its new partner's telco and asset management customers is a risky alternative to the tried-and-tested model of distributing products via a bank but could be an ingenious way to kickstart growth.
The $38 billion group agreed to acquire 75% of Bharti Life from Bharti Life Ventures and 360 ONE Asset Management ONEW.NS for $389 million, it said on Sunday.
That means Prudential CEO Anil Wadhwani is doing a switcheroo: the transaction requires Pru to reduce its stake in an existing venture with ICICI Bank ICBK.NS to under 10%, from 22%, per the company. It could well go on to divest what remains, leaving Bharti as its key partner.
The Indian business is in need of a reboot. New business sales there fell 2% last year, and its ranking among private life insurers fell to fifth from third a year earlier. That was a disappointing result for what ought to be a high-growth market. The world’s most populous country has only 3% penetration in the life insurance space, Prudential reckons.
Wadhwani’s solution is a creative one. Insurers often lean on large banks like ICICI to reach potential policy buyers. But the target’s main attraction is Bharti Airtel’s BRTI.NS nearly 300 million smartphone customers in India, compared with ICICI’s roughly 80 million retail banking clients, per data from Bharti and BCG Matrix. Overlapping markets in Africa could also open up other emerging markets, while the telecom company's asset management arm could help Pru reach India’s high net worth individuals.
But making it work could be tough. JioBlackRock, a joint venture between BlackRock BLK.N and Jio Financial Services JIOF.NS, is tapping additional distributors to sell its products after trying a digital direct model that leaned on its connections to Reliance Jio, India’s largest telecoms group.
And while the deal price seems fair, it’s not a bargain, valuing the company at just over $500 million, or around 1.5 times its embedded value as of September. That’s in line with the average for rivals SBI Life Insurance SBIL.NS, HDFC Life Insurance HDFL.NS and the Life Insurance Corporation of India LIFI.NS, per Visible Alpha, and just below 1.6 times for ICICI Prudential Life Insurance ICIR.NS. Shareholders sent Pru’s stock down 2% in morning trade in Hong Kong. That's probably because Wadhwani's punt for better rewards in India comes with higher risks.
Follow Katrina Hamlin on Bluesky and Linkedin.
CONTEXT NEWS
Insurer Prudential said on May 17 that it has agreed to acquire a 75% stake in Bharti Life Insurance from Bharti Life Ventures and 360 ONE Asset Management for an initial cash consideration of $389 million, with a potential additional consideration of up to $78 million, subject to certain conditions.
Prudential’s Hong Kong-listed shares fell 2.26% to HK$116.8 in morning trade on May 18.
ICICI Prudential Life Insurance's growth has slowed in recent years https://www.reuters.com/graphics/BRV-BRV/zdpxgbdybvx/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on HAMLIN/[email protected]; Reuters Messaging: [email protected]))
April 28 (Reuters) - HCL Technologies Ltd HCLT.NS:
HCLTECH - LIC RAISES STAKE IN CO TO 7.010% FROM 5.003%
Source text: ID:nnAZN4ST4ID
Further company coverage: HCLT.NS
(([email protected];))
April 28 (Reuters) - HCL Technologies Ltd HCLT.NS:
HCLTECH - LIC RAISES STAKE IN CO TO 7.010% FROM 5.003%
Source text: ID:nnAZN4ST4ID
Further company coverage: HCLT.NS
(([email protected];))
April 22 (Reuters) - Reliance Communications Ltd RLCM.NS:
CENTRAL BUREAU OF INVESTIGATION CONDUCTED SEIZURE OPERATION AT CO'S MUMBAI PREMISES
COMPANY CONTINUES TO OPERATE ITS BUSINESS IN THE NORMAL COURSE
SEIZURE OPERATION NOT EXPECTED TO HAVE ANY IMPACT ON THE FINANCIALS OR OPERATIONS OF CO
CBI OFFICIALS SEIZED DOCUMENTS PERTAINING TO NCDS, COMMERCIAL PAPERS ISSUED TO LIC
Further company coverage: RLCM.NS
(([email protected];;))
April 22 (Reuters) - Reliance Communications Ltd RLCM.NS:
CENTRAL BUREAU OF INVESTIGATION CONDUCTED SEIZURE OPERATION AT CO'S MUMBAI PREMISES
COMPANY CONTINUES TO OPERATE ITS BUSINESS IN THE NORMAL COURSE
SEIZURE OPERATION NOT EXPECTED TO HAVE ANY IMPACT ON THE FINANCIALS OR OPERATIONS OF CO
CBI OFFICIALS SEIZED DOCUMENTS PERTAINING TO NCDS, COMMERCIAL PAPERS ISSUED TO LIC
Further company coverage: RLCM.NS
(([email protected];;))
April 13 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC - BOARD APPROVES ISSUANCE OF BONUS EQUITY SHARES IN 1:1 RATIO
Source text: ID:nBSE2GksnW
Further company coverage: LIFI.NS
(([email protected];))
April 13 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC - BOARD APPROVES ISSUANCE OF BONUS EQUITY SHARES IN 1:1 RATIO
Source text: ID:nBSE2GksnW
Further company coverage: LIFI.NS
(([email protected];))
April 7 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC - TO CONSIDER BONUS ISSUE
Source text: [ID:]
Further company coverage: LIFI.NS
(([email protected];))
April 7 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC - TO CONSIDER BONUS ISSUE
Source text: [ID:]
Further company coverage: LIFI.NS
(([email protected];))
March 25 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC- RECEIVES TAX DEMAND OF 61.47 BILLION RUPEES AND INTEREST OF 9.53 BILLION RUPEES
Source text: ID:nBSE2HtR4v
Further company coverage: LIFI.NS
(([email protected];))
March 25 (Reuters) - Life Insurance Corporation of India LIFI.NS:
LIC- RECEIVES TAX DEMAND OF 61.47 BILLION RUPEES AND INTEREST OF 9.53 BILLION RUPEES
Source text: ID:nBSE2HtR4v
Further company coverage: LIFI.NS
(([email protected];))
Adds IDBI's response from exchange filing
By Urvi Dugar and Mridula Kumar
BENGALURU, Mar 16 (Reuters) - Shares of IDBI Bank IDBI.NS slumped as much as 16.5% on Monday after reports that the Indian government would shelve bids for a majority stake in the lender, as the offers were below the minimum price expectation.
The shares were trading 15.2% lower at 78.20 rupees as of 12:57 a.m. IST, set for their biggest single-day drop since June 2024.
The government has been trying to sell a stake in IDBI Bank for the last four years as part of a broader push to privatise state-run firms. The planned sale included a 30.48% stake held by the government and a 30.24% stake by state-run insurer Life Insurance Corp LIFI.NS, which had rescued IDBI in 2018 after it was weighed down by bad loans.
The government had planned to complete the sale by the end of this month.
IDBI said in an exchange filing that it had received no government communication on the disinvestment process, which it said was being handled by the Department of Investment and Public Asset Management and did not involve the bank.
The tepid interest for IDBI Bank contrasts with strong foreign investor appetite for Indian lenders, underscored by Emirates NBD's ENBD.DU buying a 60% stake in RBL Bank RATB.NS for $3 billion and Sumitomo Mitsui Banking Corp 8316.T acquiring a 24% stake in Yes Bank YESB.NS.
IDBI's stake sale had attracted bids from the Canadian investment group Fairfax Financial FFH.TO and Emirates NBD, Reuters reported in February.
A source told Reuters on Friday that the government may initiate a fresh process for IDBI Bank when market appetite improves.
The run-up in IDBI's stock ahead of the expected deal has now reversed since the transaction has fallen through, said Vinit Bolinjkar, head of research at Ventura Securities, though he has no concerns about the bank's fundamentals.
Until Friday's close, the shares had gained 116% since October 2022, when the divestment process was first announced. The state-run bank index .NIFTYPSU rose 182% over the same period.
The finance ministry did not immediately respond to Reuters' requests for comment on Monday.
($1 = 92.4525 Indian rupees)
(Reporting by Urvi Dugar and Mridula Kumar in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +91 9558725583;))
Adds IDBI's response from exchange filing
By Urvi Dugar and Mridula Kumar
BENGALURU, Mar 16 (Reuters) - Shares of IDBI Bank IDBI.NS slumped as much as 16.5% on Monday after reports that the Indian government would shelve bids for a majority stake in the lender, as the offers were below the minimum price expectation.
The shares were trading 15.2% lower at 78.20 rupees as of 12:57 a.m. IST, set for their biggest single-day drop since June 2024.
The government has been trying to sell a stake in IDBI Bank for the last four years as part of a broader push to privatise state-run firms. The planned sale included a 30.48% stake held by the government and a 30.24% stake by state-run insurer Life Insurance Corp LIFI.NS, which had rescued IDBI in 2018 after it was weighed down by bad loans.
The government had planned to complete the sale by the end of this month.
IDBI said in an exchange filing that it had received no government communication on the disinvestment process, which it said was being handled by the Department of Investment and Public Asset Management and did not involve the bank.
The tepid interest for IDBI Bank contrasts with strong foreign investor appetite for Indian lenders, underscored by Emirates NBD's ENBD.DU buying a 60% stake in RBL Bank RATB.NS for $3 billion and Sumitomo Mitsui Banking Corp 8316.T acquiring a 24% stake in Yes Bank YESB.NS.
IDBI's stake sale had attracted bids from the Canadian investment group Fairfax Financial FFH.TO and Emirates NBD, Reuters reported in February.
A source told Reuters on Friday that the government may initiate a fresh process for IDBI Bank when market appetite improves.
The run-up in IDBI's stock ahead of the expected deal has now reversed since the transaction has fallen through, said Vinit Bolinjkar, head of research at Ventura Securities, though he has no concerns about the bank's fundamentals.
Until Friday's close, the shares had gained 116% since October 2022, when the divestment process was first announced. The state-run bank index .NIFTYPSU rose 182% over the same period.
The finance ministry did not immediately respond to Reuters' requests for comment on Monday.
($1 = 92.4525 Indian rupees)
(Reporting by Urvi Dugar and Mridula Kumar in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +91 9558725583;))
Recasts throughout, changes sourcing
March 13 (Reuters) - India will shelve the bids it received for a majority stake sale in IDBI Bank IDBI.NS, as the offers received were below the government's minimum price expectation, a government source told Reuters.
The Indian government and state-owned Life Insurance Corporation of India LIFI.NS had initiated the process to sell 60.7% of the lender in 2022.
India's government owns 45.48% of IDBI Bank, while LIC holds 49.24%.
The existing sale process would be scrapped as the bids received were below the so-called reserve price, or the minimum sale price, set for the sale, the source said.
Bloomberg News reported the development first.
The government may initiate a fresh process when the market appetite improves and there is strong interest among buyers, the source added.
IDBI Bank and India's finance ministry didn't immediately respond to a Reuters request for comment outside regular business hours.
Reuters had reported that the planned sale of IDBI Bank had attracted bids from Canadian investment group Fairfax Financial FFH.TO and Emirates NBD ENBD.DU.
Tepid interest in acquiring the lender controlled by LIC contrasts with strong foreign investor appetite underscored by Dubai-based Emirates NBD's ENBD.DU $3 billion purchase of a 60% stake in RBL Bank RATB.NS and Sumitomo Mitsui Banking Corp's acquisition of a 24% stake in Yes Bank YESB.NS.
(Reporting by Nikunj Ohri and Anna Peverieri; Editing by Louise Heavens)
(([email protected];))
Recasts throughout, changes sourcing
March 13 (Reuters) - India will shelve the bids it received for a majority stake sale in IDBI Bank IDBI.NS, as the offers received were below the government's minimum price expectation, a government source told Reuters.
The Indian government and state-owned Life Insurance Corporation of India LIFI.NS had initiated the process to sell 60.7% of the lender in 2022.
India's government owns 45.48% of IDBI Bank, while LIC holds 49.24%.
The existing sale process would be scrapped as the bids received were below the so-called reserve price, or the minimum sale price, set for the sale, the source said.
Bloomberg News reported the development first.
The government may initiate a fresh process when the market appetite improves and there is strong interest among buyers, the source added.
IDBI Bank and India's finance ministry didn't immediately respond to a Reuters request for comment outside regular business hours.
Reuters had reported that the planned sale of IDBI Bank had attracted bids from Canadian investment group Fairfax Financial FFH.TO and Emirates NBD ENBD.DU.
Tepid interest in acquiring the lender controlled by LIC contrasts with strong foreign investor appetite underscored by Dubai-based Emirates NBD's ENBD.DU $3 billion purchase of a 60% stake in RBL Bank RATB.NS and Sumitomo Mitsui Banking Corp's acquisition of a 24% stake in Yes Bank YESB.NS.
(Reporting by Nikunj Ohri and Anna Peverieri; Editing by Louise Heavens)
(([email protected];))
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