Life Insurance Corp.

By Vivek Kumar M and Haripriya Suresh

BENGALURU, Oct 1 (Reuters) - Indian companies defied a secondary market slump to raise 2.43 trillion rupees ($25.27 billion) in the first half of fiscal 2027, a record for the period, data showed on Thursday, as domestic investors sought fresh opportunities to deploy capital.

Not only did equity fundraising jump 75% year-on-year in April-September, according to PRIME Database Group, but average listing gains also jumped to 19% from 7%.

In contrast, the benchmark Nifty 50 .NSEI inched up 1.3% in the period.

Pranav Haldea, managing director of PRIME Database Group, cited two reasons for the "unusual" divergence between the primary and secondary markets — a backlog of initial public offerings over the last 2-3 years and strong domestic liquidity.

The half-year had long-awaited IPOs from big-ticket companies, including bourse operator NSE's $2.3 billion issue, India's second-largest on record, the country's largest asset manager SBI Funds Management's SBIA.NS $1.03 billion IPO and hospital chain operator Manipal Health Enterprises' MNIA.NS $960 million offering.

Mainboard IPOs raised a record 942.05 billion rupees across 78 issues, 35% higher than the previous record set in the first half of fiscal 2026, data showed.

In April, India's market regulator granted a one-time extension for IPOs deferred due to weak market sentiment from the Middle East war, whose approvals were lapsing between April and September, adding to the surge.

INVESTMENTS AND DIVESTMENTS

Investors also looked for niche opportunities, with a number of listings coming from sectors thinly represented on Indian bourses, according to Yatin Singh, CEO — investment banking at Emkay Global Financial Services, offering them a way into newer corners of the economy.

Some of these include furniture rental platform Rentomojo RENT.NS, supply chain asset pooling company LEAP India LEAN.NS and Asset Reconstruction Company (India) ASSR.NS, among others.

Meanwhile, the government's spree of divestments from companies such as Life Insurance Corp of India LIFI.NS and Coal India COAL.NS pushed secondary stock offerings fivefold higher to 553.37 billion rupees.

Of this, LIC's 6.5% stake sale alone accounted for about 314 billion rupees.

Qualified institutional placements also jumped 36% to 615.53 billion rupees, led by Gautam Adani-led Adani Enterprises ADEL.NS.

The rush is showing little sign of slowing down. Nearly 250 companies are in the pipeline to raise about 4.65 trillion rupees through IPOs, according to PRIME Database.

This includes Jio Platforms' $3.8 billion IPO, Danish brewer Carlsberg's India business, and hotel aggregator Oyo's parent Prism.

"Things are not going to change dramatically in the second half unless any fundamental aspects, globally or in India, change materially from where we are right now," Singh added.

($1 = 96.1625 Indian rupees)

(Reporting by Vivek Kumar M and Haripriya Suresh in Bengaluru; Editing by Janane Venkatraman)

(([email protected];))

Life Insurance Corporation of India's Chief Financial Officer Shatmanyu Shrivastava superannuated with effect from 30 September 2026 after office hours. His cessation as key managerial personnel took effect on that date on grounds of superannuation. Managing Director Dinesh Pant ceased on voluntary retirement effective 24 September 2026. LIC reported total premium of Rs 5,35,984 crore and standalone net profit of Rs 57,419 crore for FY26. Assets under management stood at Rs 159.39 lakh crore in the June quarter, supported by 14.46 lakh agents and a 59-product portfolio.

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Sept 30 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• SHATMANYU SHRIVASTAVA, CFO OF LIC, TO RETIRE ON SEPTEMBER 30, 2026

Further company coverage: LIFI.NS

(([email protected];))

Sept 24 (Reuters) - Shares of insurance distributor PB Fintech PBFI.NS, lenders and non-bank lenders with sizeable insurance distribution income fell on Thursday after India's insurance regulator proposed curbs on commissions and distribution payouts, raising concerns over earnings growth.

PB Fintech, parent of insurance distribution platform Policybazaar, and Max Financial MAXI.NS led losses among pack, plunging 10% each.

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]; 8800437922;))

Sept 22 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC SAID TO LEAD BIDDING IN NSE’S $2.4 BILLION INDIA IPO - BLOOMBERG NEWS

Source text: https://tinyurl.com/bdd9fn5a

Further company coverage: LIFI.NS

(([email protected];))

Sept 16 (Reuters) - National Stock Exchange Of India Ltd NSEI.NS:

• INDIA'S NSE GETS 67.45 BILLION RUPEES FROM OVER 100 ANCHOR INVESTORS AHEAD OF IPO OPENING FOR RETAIL: SOURCES

• INDIA'S LIC, NORGES BANK, ABU DHABI INVESTMENT, FIDELITY AMONG TOP INVESTORS IN NSE IPO ANCHOR INVESTOR BOOK: SOURCES

Further company coverage: NSEI.NS

(([email protected];))

Updates to add details from NSE IPO

MUMBAI, Sept 11 (Reuters) - National Stock Exchange (NSE), India's largest stock exchange, will open its initial public offering next week.

The offer-for-sale, which does not include any fresh capital being raised, will value NSE at close to $46 billion, which would make it the country's third-largest IPO.

Billionaire Mukesh Ambani's Reliance Jio Platforms IPO, likely later this year, is expected to raise about $3.8 billion, making it the country's biggest-ever stock offering.

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 Aditya Kalra, Kate Mayberry and Kevin Buckland)

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Aug 27 (Reuters) - Bajaj Finance Ltd BJFN.NS:

• LIC - LIC SUBSCRIBES 500,000 NCDS OF BAJAJ FINANCE FOR 50 BILLION RUPEES

Source text: ID:nBSE1yWwJn

Further company coverage: BJFN.NS

(([email protected];;))

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)

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];))

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]))

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, 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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Aug 3 (Reuters) -

• INDIA'S DIPAM SECY: GOVERNMENT OFFERS TO DISINVEST 2.5% EQUITY IN LIC WITH AN ADDITIONAL 4% AS A GREEN SHOE OPTION

• INDIA'S DIPAM SECY: OFFER FOR SALE IN LIC OPENS TOMORROW FOR NON-RETAIL INVESTORS

• INDIA'S DIPAM SECY: FLOOR PRICE HAS BEEN FIXED AS 382 RUPEES PER SHARE

• INDIA'S DIPAM SECY: RETAIL INVESTORS CAN BID IN LIC OFS ON WEDNESDAY

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_ |;))

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 SBI FUNDS MANAGEMENT: INVESTORS ALLOCATED SHARES WORTH 26.63 BILLION RUPEES IN IPO ANCHOR BOOK

• SBI FUNDS MANAGEMENT: INVESTORS ALLOCATED SHARES AT 574 RUPEES/SHARE IN IPO ANCHOR BOOK

• SBI FUNDS MANAGEMENT: GOVERNMENT OF SINGAPORE, ADIA, BLACKROCK FUNDS, LIC AMONG INVESTORS ALLOCATED SHARES IN IPO ANCHOR BOOK

Source text: https://tinyurl.com/4unpd64z

Further company coverage: AMUN.PA

(([email protected];))

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)

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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

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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)

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Updates to add IPO filing by NSE

MUMBAI, June 18 (Reuters) - The National Stock Exchange of India has filed draft papers for a long-delayed listing that will be one of two mega initial public offerings in the country this year, alongside billionaire Mukesh Ambani's Reliance Jio.

NSE's IPO is likely to be worth $3.3 billion, based on its share price in private markets, and comes after years of regulatory delays. Existing investors will sell 6% of the company's equity as part of the issue, which will be a pure offer-for-sale with no fresh equity being raised.

Ambani's AI-to-telecoms arm Reliance Jio Platforms is also gearing up for a stock offering that will likely be India's biggest ever.

Sources told Reuters in January that the IPO could be worth as much as $4 billion, though final numbers will only be decided later. In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.

Here are the five largest Indian IPOs of all time before NSE and Jio Platforms:

HYUNDAI MOTOR INDIA

Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion Indian rupees ($2.95 billion) in October 2024 in India's largest-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 expected to dilute their stakes.

LIFE INSURANCE CORPORATION OF INDIA

The government pocketed roughly 205 billion Indian rupees 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, India's fintech firm, raised 183 billion Indian 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 Indian 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 Indian 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 Aditya Kalra, Kate Mayberry and Kevin Buckland)

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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." Valcambi and LIC have not responded to Reuters queries.

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; Editing by Aditya Kalra and Thomas Derpinghaus)

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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

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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)

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Adds details on new business growth in paragraph 5-9, MD comments in paragraph 7

By Nishit Navin and Ashwin Manikandan

BENGALURU, May 21 (Reuters) - Life Insurance Corporation of India LIFI.NS reported a 23% rise in quarterly profit on Thursday, helped by strong group business growth and continued momentum from last year's tax cuts.

Analysts had expected a strong quarter for India's largest insurer, as tax changes continued to support demand for insurance in the world's most populous country even as the Middle East conflict dented customer sentiment, hurting sales of market-linked policies.

The state-owned LIC'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.

Net premium income grew 11.5% to 1.65 trillion rupees. One-time premiums rose 21.5%, while first year premiums from new policies rose around 17%.

Annualised premium equivalent sales — a key measure of new business — rose nearly 22% to 229.54 billion rupees for the quarter, according to Reuters calculation, swinging back from a year ago's poor sales that were hit by regulatory changes which made surrendering policies easier.

LIC's group business annualised premium equivalent sales rose 37%. Analysts at Emkay Global had expected group business to see strong momentum this quarter.

Going forward, there is good potential for growth in group business and the growth is sustainable, but ongoing market volatility may affect growth if commercial organisations face financial impact, CEO and MD R Doraiswamy said in a post earnings call.

The insurer continued to increase its focus on non-participating products, where policyholders don't receive profit-linked bonuses, which helped improve profitability.

Value of new business, which reflects expected profit from new policies, rose 67% to 58.91 billion rupees, as per Reuters' calculation.

Margins on new business stood at 21.2% as of March-end compared with 17.6% a year earlier, supported by a higher contribution from non-participating products.

The firm's solvency ratio, which measures an insurer's ability to meet its long-term financial obligations, rose to 2.35 during the quarter from 2.11 a year earlier. A higher number indicates a larger financial buffer.

($1 = 96.2000 Indian rupees)

(Reporting by Nishit Navin; Editing by Ronojoy Mazumdar)

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