India: Life Insurance Corp makes $1.2b bid in GIC Re IPO

Overall, the value of LIC’s holdings in listed Tata firms came down by Rs2,371 crore or 6.4% between 24 October, when the Tata Sons board suddenly ousted Mistry, and the end of December. Photo: Ramesh Pathania/Mint

Life Insurance Corp. of India (LIC) has put in a major bid for shares of reinsurer General Insurance Corp. of India Ltd (GIC Re), in the latter’s ongoing initial public offering (IPO), said two people aware of the development, on the condition of anonymity.

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