LIC IPO to open on May 4: Sources

The initial public offering of the country's largest insurer LIC will open on May 4 and close on May 9, sources said.

The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer.

The IPO values LIC at Rs 6 lakh crore.