According to persons familiar with the situation, India is expected to start formal marketing next month for a planned share sale in Life Insurance Corporation of India that may raise up to 100 billion rupees ($1 billion).
The persons, who asked not to be named because the information is confidential, stated that the government intends to sell institutional investors a 2% share in the state-run insurer in late June or early July.
According to the persons, Goldman Sachs Group Inc., Motilal Oswal Investment Advisors Ltd., BNP Paribas SA, and IIFL Capital Services Ltd. are collaborating with India's Finance Ministry's Department of Investment and Public Asset Management to oversee the deal.

The persons stated that discussions are still in progress and that the deal's specifics, such as its amount and timing, may yet change. Requests for comment were not immediately answered by government, LIC, or bank representatives.
As markets struggle with the economic consequences from the Iranian crisis, the offering is expected to be one of the few significant equity sales in India next month. Crude oil prices have increased due to escalating tensions, raising worries about India's import bill and forcing Prime Minister Narendra Modi to advise Indians to reduce their fuel consumption and travel abroad.
In May 2022, India raised over 210 billion rupees by selling a 3.5% share in LIC in what was at the time the nation's largest IPO. Each share was valued at 949 rupees.Exchange data showed that as of March 31, the Indian government controlled 96.5% of LIC. In order to comply with the Securities and Exchange Board of India's minimum 25% public shareholding requirement, the insurer has been given ten years from its 2022 listing till May 2032.