Life Insurance Corp. denied reports of a mega sale of its land assets that can fetch the state-owned insurer up to $7 billion, calling it "incorrect".
It was reported that LIC assigned an in-house team to develop a strategy for selling its real estate holdings nationwide, with the initial phase potentially commencing in Mumbai. The insurance giant holds the third largest land parcels in the country, behind only defence and railways.
"...we hereby clarify that news published in the mainstream media is incorrect," the company said in a exchange filing on Tuesday.
LIC owns valuable properties such as the Jeevan Bharti building in Connaught Place in Delhi, LIC building in Chittaranjan Avenue in Kolkata, as well as the buildings that host the Asiatic Society and Akbarally’s in Mumbai.
Shares of LIC had risen 1.7% intraday, before paring gains to close 0.97% lower at Rs 1,056 apiece. This compared to a 0.4% advance in the benchmark BSE Sensex.
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