- Israel to mark October 7 attack as Gaza war spreads
- Gauff fights back to reach China Open final
- Recovering Stokes ruled out of first Pakistan Test
- Hezbollah battles troops on border as Israel pounds Lebanon
- Alcaraz, Sinner breeze into third round of Shanghai Masters
- Bagnaia wins Japan MotoGP sprint to cut Martin's lead
- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
- Nepalis fear more floods as climate change melts glaciers
- Honduras arrests environmentalist's alleged murderer
- Padres pitcher Musgrove needs elbow surgery
- Supreme Court lets stand rules to curb mercury, methane emissions
- Boston beat Denver in NBA exhibition season opener, but Jokic says omens are good
- Chagos diaspora angry at lack of input on islands' fate
- Biden says 'not confident' of peaceful US election
- US trade chief defends tariff hikes when paired with investment
- Lukaku stars as Napoli beat Como to hold Serie A top spot
- Ohtani set for MLB playoff debut as Dodgers face Padres
- Pogba's drug ban cut to 18 months from four years
- Devine leads New Zealand to big win over India in Women's T20 World Cup
- Bosnia floods kill 16 people
- EU court blocks French ban on vegetable 'steak' labelling
- Prosecutors seek dismissal of rape charges against French rugby players
- Meta AI turns pictures into videos with sound
- Bolivia's Morales says claims he raped a minor are a 'lie'
- MLB Reds hire two-time champion Francona as manager
- Daniel Maldini receives first Italy call-up for Nations League
- US dockworkers return to ports after three-day strike
- Ancelotti points finger at Madrid's 'lack of intensity'
- Haiti reeling after 70 killed in gang attack
- Five Czech kids in hospital over TikTok 'piercing challenge'
- What happens next in Iran-Israel conflict?
- Country star Garth Brooks denies rape accusations
- Stubbs hits maiden century as South Africa make 343-4 against Ireland
- DR Congo to begin mpox vaccination campaign Saturday in east
- Odegaard injury has forced Arsenal to be 'different', says Arteta
- Ratcliffe refuses to guarantee Ten Hag's Man Utd future
- Meta must limit data use for targeted ads: EU court
- Mauritius to hold legislative election on November 10
- Britain qualify for America's Cup final after 60-year wait
- IMF asks Sri Lanka to protect hard-won gains
- Morata returns to Spain Nations League squad after injury
- Irish regulator to probe Ryanair use of facial recognition
- Public allowed to see video evidence in France mass rape trial
- US hiring soars past expectations in sign of resilient market
- Under-fire Ten Hag 'together' with Man Utd hierarchy
- Guardiola talks of Man City love affair as financial hearing rumbles on
India slashes size of biggest IPO
India has slashed the size of an initial public offering by insurance giant LIC but the share issue will still be the country's largest to date, with a targeted windfall of $2.7 billion, regulatory filings showed Wednesday.
Prime Minister Narendra Modi's government is desperate for proceeds from the IPO by Life Insurance Corporation of India and the sale of other state assets to help fix tattered public finances.
The long-awaited IPO -- originally slated for March -- will open next week, after the government chose to wait out recent market volatility triggered by the Russian invasion of Ukraine, the filing seen by AFP showed.
But the adverse market conditions did force the government to substantially cut its stake sale from an earlier five percent to 3.5 percent.
The government will sell 221 million shares within a price band of 902 to 949 rupees, the prospectus showed.
This implies an IPO size of between 200 and 210 billion rupees ($2.61 billion to $2.74 billion), overtaking that of payments firm Paytm, which raised $2.5 billion in November in India's largest public share sale to date.
The offer values LIC at six trillion rupees ($78 billion), and follows a years-long exercise by bankers and bureaucrats to appraise the mammoth insurer and ready it for listing.
Founded in 1956 by nationalising and combining 245 insurers, LIC was for decades synonymous with life insurance in post-independence India, until the entry of private companies in 2000.
It continues to lead the pack with a 61 percent share of the life insurance market in a country of 1.4 billion people, with its army of 1.3 million "LIC agents" giving it huge reach, especially in rural India.
LIC's market share has, however, declined steadily in the face of competition from net-savvy private insurers offering specialised products.
The firm warned in its regulatory filing that "there can be no assurance that our corporation will not lose further market share" to private companies.
The insurer is also India's largest asset manager, with 39.55 trillion rupees under management as of September 30, including significant stakes in Indian blue chips like Reliance and Infosys.
The government hopes LIC's IPO will attract legions of first-time investors to the stock market, in a country where less than five percent of people have trading accounts.
It will be a crucial step in Modi's policy to "monetise and modernise" state-run companies and plug an estimated 16.6 trillion rupee fiscal deficit this financial year.
In the last financial year, ending March 31, the government missed its privatisation goal for the third straight year, raising 135.61 billion rupees -- only eight percent of its original divestment target.
J.Oliveira--PC