Life Insurance Corporation of India is planning to offer a 20 percent stake of its local subsidiary to the public soon.
LIC India Managing Director told LBR that the company would also be listed on the Colombo Stock Exchange after the IPO.rn
rnBoth major shareholders of the company, LIC and the Bartleets Group will reduce their holding to 80 percent after the IPO, expected later this year. rn
rnLIC India holds 75 percent of LIC Lanka and the Bartleets group owns the rest.rn
rnFive percent from Bartleets and 15 percent of LIC India shares will be offered through the IPO.rn
rnLIC Lanka officials said that they are yet to identify an investment bank to handle the issue.rn
rnLife Insurance Corporation Lanka officials also said an IPO by end this year is in line with the agreement between LIC India and Bartleet Group to make a public offering within the first three years of operations.rn
rnThe company says they see potential in the life insurance market due to the low penetration.rn