An exterior view of Life Insurance Corporation of India (LIC) eastern zonal head office building in Kolkata, India, February 14, 2022.
An exterior view of Life Insurance Corporation of India (LIC) eastern zonal head office building in Kolkata, India, February 14, 2022. Reuters / RUPAK DE CHOWDHURI

The Indian government is planning to raise about 300 billion Indian rupees ($3.93 billion) from selling a just over 5% stake in insurance behemoth Life Insurance Corporation of India, a government source said.

The Indian government has pegged LIC's valuation at around 6 trillion rupees, according to the source.

($1 = 76.3510 Indian rupees)