#Budget2020: Government to sell a part of its holding in LIC through IPO

The Finance Minister Nirmala Sitharaman on Saturday presented the budget in the parliament and in the speech she said the government would sell a part of its holding in Life Insurance Corporation of India through an initial public offering.

The government set a divestment target of Rs 2.1 lakh crore for FY21 against Rs 1.05 lakh crore target for the ongoing financial year.

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In the budget speech, she also proposed to sell the government’s remaining stake in IDBI Bank.

LIC was established in 1956 and is fully owned by the Government of India.

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