LIC bids for at around Rs.7000cr shares of GIC Re

Life Insurance Corp. of India has put in a major bid for shares of reinsurer General Insurance Corp. of India Ltd (GIC Re), in the latter’s ongoing initial public offering (IPO), said two people aware of the development, on the condition of anonymity. LIC has bid for shares worth around Rs7,000-8,000 crore, said one of them.