In Budget 2020, the Finance Minister Nirmala Seetharaman has announced that the Government has planned to sell part of the stake in State-owned Life Insurance Corporation of India. As a result of this, LIC Housing Finance share price rose more than 5 percent intraday on February 1.
Apart from that, LIC workers started to protest in many states as it Government will sale part of the stake. Minister also said that The government is planning to raise fund via LIC initial public offering.
Government planned to sell part of LIC stake in the entity through an initial public offering (IPO) and raise funds. In the budget 2020, LIC Housing Finance was quoting at Rs 456.25, up Rs 18.75, or 4.29 percent.