India to block Chinese investors from LIC’s $109b IPO: report

The IPO is considered to be the biggest one yet for India.

The government will likely block Chinese investors from buying shares in the state-owned Indian insurance giant, Life Insurance Corp (LIC), according to a report by Reuters.

LIC, which is slated to go public, has more than 60% of India’s life insurance market. The government is seeking at least $109b valuation for the initial public offering and would be selling 5% to 10% of its shares on the market.

However, unnamed senior government officials and a banker told Reuters that even though the government plans to allow foreign investors it is likely planning to ban Chinese investments.

The tension between the two countries has been high since the two countries skirmish on the disputed Himalayan border.

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