India's IPO-bound LIC is well capitalised, chairman says

State-run Life Insurance Corp. Of India (LIC), which is planning the country's largest IPO next month, is well capitalised, the company's chairman M.R Kumar said on Monday.

Kumar said LIC's potential investors should not worry about government control post the IPO as decisions in the country's largest insurance company are taken by its board and not by the government, which will hold 95% of stake post the IPO.

LIC is planning to sell a 5% stake to raise about $8 billion next month, which could make it India's largest IPO by far.