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India state-run life insurer LIC files country's largest IPO

Government to sell 5% stake for over $8.6bn to achieve divestment target

BENGALURU -- The Indian government will sell 5% of its stake in the initial public offering of state-owned insurer Life Insurance Corporation of India (LIC), as it ramps up its divestment program amid modest returns on its investments.

The government aims to raise at least 650 billion rupees ($8.6 billion) through the share sale. It has assigned LIC an embedded value of 5.39 trillion rupees, the company said in the draft papers filed with the market regulators on Sunday. LIC does not plan to issue any new shares, according to the paper.

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