State-run Life Insurance Corp Of India (LIC), which is planning the country's largest&nbsp;IPO&nbsp;next month,&nbsp;may&nbsp;not&nbsp;sell&nbsp;its&nbsp;entire&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;Bank&nbsp;and can use its large network of branches to market its insurance services, its chairman said.

LIC, the country's biggest insurance company, is planning to float a 5%&nbsp;stake&nbsp;to raise about $8 billion next month, which could make it&nbsp;India's&nbsp;largest initial public&nbsp;offering (IPO) by far.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/billions-of-dollars-stashed-by-pakistani-generals-officials-in-swiss-bank-reports-455055">Billions of dollars stashed by Pakistani generals, officials in Swiss bank: Reports</a>

Its majority&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;Bank, which it rescued in 2019, is seen as a risk to its balance sheet.

"I would like to have some&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;Bank. It has been the strongest contributor to the bancassurance channel for us. This will help us to grow that part of the channel," said M R Kumar in a press conference with reporters on Monday.

India's&nbsp;government and&nbsp;LIC&nbsp;hold over 90%&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;Bank, which had assets of over 2,900 billion rupees ($38.91 billion) at the end of December and over 1,800 branches across the country.&nbsp;LIC&nbsp;took over the lender when it was weighed down by bad loans and needed a new infusion of capital.

Also read |<a href="https://www.wionews.com/business-economy/digital-advertising-fraud-losses-to-hit-68-billion-globally-this-year-454996">&nbsp;Digital advertising fraud losses to hit $68 billion globally this year</a>

The government and&nbsp;LIC&nbsp;have been looking at offloading their&nbsp;stake&nbsp;in&nbsp;IDBI&nbsp;for the past few years.

Kumar also said&nbsp;LIC&nbsp;is well capitalised, and potential investors should&nbsp;not&nbsp;worry about government control post the&nbsp;IPO&nbsp;as decisions are taken by its board and&nbsp;not&nbsp;by the government, which will hold a 95%&nbsp;stake&nbsp;after the flotation.

State-run Life Insurance Corp Of India (LIC), which is planning the country's largest IPO next month, may not sell its entire stake in IDBI Bank and can use its large network of branches to market its insurance services, its chairman said.

State-run Life Insurance Corp Of India (LIC), which is planning the country's largest IPO next month, may not sell its entire stake in IDBI Bank and can use its large network of branches to market its insurance services, its chairman said. LIC, the country's biggest insurance company, is planning to float a 5% stake to raise about $8 billion next month, which could make it India's largest initial public offering (IPO) by far. Also read | Billions of dollars stashed by Pakistani generals, officials in Swiss bank: Reports Its majority stake in IDBI Bank, which it rescued in 2019, is seen as a risk to its balance sheet. "I would like to have some stake in IDBI Bank. It has been the strongest contributor to the bancassurance channel for us. This will help us to grow that part of the channel," said M R Kumar in a press conference with reporters on Monday. India's government and LIC hold over 90% stake in IDBI Bank, which had assets of over 2,900 billion rupees ($38.91 billion) at the end of December and over 1,800 branches across the country. LIC took over the lender when it was weighed down by bad loans and needed a new infusion of capital. Also read | Digital advertising fraud losses to hit $68 billion globally this year The government and LIC have been looking at offloading their stake in IDBI for the past few years. Kumar also said LIC is well capitalised, and potential investors should not worry about government control post the IPO as decisions are taken by its board and not by the government, which will hold a 95% stake after the flotation.

India's IPO-bound LIC may not sell entire stake in IDBI Bank - chairman

Shares of China's debt-laden real estate firm Evergrande fell once again by 4.8 per cent after its chairman cut his stake. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities. China Evergrande New Energy Vehicle, which is the group’s electric car unit also dropped over 5 per cent.&nbsp;

Chairman Hui Ka Yan sold 1.2 billion shares, raising around $344 million.

Chinese authorities have told the chairman to use some of his wealth in paying the company's debts.

Earlier, the Hong Kong media had reported that the firm's chairman is offloading some of his personal fortunes to raise cash. This&nbsp;included&nbsp;a luxury property in the financial hub's ritzy Peak district.&nbsp;

<a href="https://www.wionews.com/business-economy/evergrande-sells-stake-in-hengten-the-netflix-of-china-430356">Also read |&nbsp;Evergrande sells stake in HengTen, the Netflix of China</a>

This comes a few days after the firm announced that it is raising $273 million by selling all stakes in film production and streaming company HengTen Networks. The network is known to be the Chinese equivalent of Netflix.

The Evergrande crisis has spooked Chinese real estate sector and has even global investors watching.&nbsp;

There were several controversies earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that the collapse of Evergrande would deeply impact the Chinese economy which will spill over into global markets.&nbsp; 
&nbsp;

(With inputs from agencies)

Shares of China's debt-laden real estate firm Evergrande fell once again by 4.8 per cent after its chairman cut his stake. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities.

Shares of China's debt-laden real estate firm Evergrande fell once again by 4.8 per cent after its chairman cut his stake. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities. China Evergrande New Energy Vehicle, which is the group’s electric car unit also dropped over 5 per cent. Chairman Hui Ka Yan sold 1.2 billion shares, raising around $344 million. Chinese authorities have told the chairman to use some of his wealth in paying the company's debts. Earlier, the Hong Kong media had reported that the firm's chairman is offloading some of his personal fortunes to raise cash. This included a luxury property in the financial hub's ritzy Peak district. Also read | Evergrande sells stake in HengTen, the Netflix of China This comes a few days after the firm announced that it is raising $273 million by selling all stakes in film production and streaming company HengTen Networks. The network is known to be the Chinese equivalent of Netflix. The Evergrande crisis has spooked Chinese real estate sector and has even global investors watching. There were several controversies earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that the collapse of Evergrande would deeply impact the Chinese economy which will spill over into global markets. (With inputs from agencies)

Chinese real estate firm Evergrande's shares dive after Chairman Hui Ka Yan cuts stake

Sovereign wealth funds are piling into India, buying stakes in everything from airports to renewable energy, attracted by political stability, a growing middle class and reforms making it more enticing for foreigners to invest.

India becomes investment darling for sovereign wealth and pension funds

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