Union Budget 2020: Union Finance Minister Nirmala Sitharaman presented the union budget 2020 on Saturday. During the budget, she made a big announcement about LIC. In this context, he said that the government would sell its stake in the country’s largest insurance company, Life Insurance Corporation of India (LIC). Initial public issue (IPO) will be brought for this.
Proposal to sell a part of government holding in LIC by way of IPO.
Sale of the balance holding of Government of India in IDBI Bank to private, retail and institutional investors through stock exchange.Advertisement
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The Finance Minister said that the government proposes to sell part of its share capital in LIC through an IPO. Currently, the government holds a 100% stake in the Life Insurance Corporation of India. LIC will be listed under the disinvestment policy. Also, the government proposed to sell the remaining capital of IDBI Bank through the Stock Exchange.
LIC shares fall
Its stock declined after plans to sell a stake in LIC. At 2:05 pm LIC stock is trading at 430.05 levels after falling 10.90 points, or 2.47 percent. It opened at 440.95 in early trade. Whereas LIC stock closed at the level of 440.95 on the previous trading day.
IDBI Bank shares rise
At the same time, IDBI Bank’s stock rose after the announcement of the Finance Minister. At 2:05 pm LIC stock is trading at 37.80 level after gaining 3.75 points or 11.01 percent. It opened at 34.35 in early trade. Whereas IDBI Bank stock closed at the level of 34.05 on the previous trading day.
Sensex-Nifty also fall
At 2:16 pm, the Bombay Stock Exchange’s flagship index Sensex was trading at 40,255.49, down 468 points, or 1.15 percent. At the same time, the Nifty of the National Stock Exchange was trading at 11,834.05 levels after falling 128.05 points i.e. 1.07 percent.
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