LIC float to be anchored by Norway, Singapore, and Abu Dhabi

Sovereign wealth funds of Norway, Singapore and Abu Dhabi have agreed to anchor Life Insurance Corporation of India's initial public offering.

Norges Bank investment Management, GIC Pte, and Abu Dhabi Investment Authority have committed to the LIC IPO but the names are yet to be officially announced, Bloomberg reported.

The IPO will open on May 2 for anchors and will run from May 4-9 for the public.

Also Read: 'This is LIC 3.0': Chairman sounds war cry

LIC, on course for its Rs 21,000 crore IPO, aims to raise up to Rs 5,630 crore at the upper price of the IPO price band from anchors. The firm has reserved around 59.29 million shares for the anchor portion.

Also Read: DIPAM Secy Tuhin Kanta Pandey's top takes on the mega public issue

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