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The Insurance Regulatory Authority of India (IRDAI) has approved the new IPO of LIC, the country’s largest public sector life insurer.
While LIC plans to raise Rs 5 lakh 40 lakh crore in the share issue, its share price is expected to double by two and a half times to around Rs 14 lakh crore. LIC is in the process of issuing shares by the end of March this financial year. LIC is to apply to the Securities and Exchange Board of India (SEBI) following IRDAI approval.