Central government preparing to sell stake in LIC up to 15 percent

Facing a financial challenge due to the Corona epidemic, the government is planning to sell stakes in Life Insurance Corporation of India (LIC) by 10-15 percent. According to the sources, its announcement may be made in the upcoming budget. 
The government may also announce a stake sale in IDBI Bank, Central Bank, and Punjab & Sind Bank. In the last budget, Finance Minister Nirmala Sitharaman had announced to sell some of the government's stake by bringing an initial public offer (IPO) of LIC. 
But due to legal hurdles and adverse market conditions, no initiative could be taken in this direction for the entire financial year. It also could not be decided how much government would sell its stake in LIC. The process may start after April this year. LIC is a wholly-owned insurance company of the government.