<p>Employees' union of LIC has strongly opposed the government's plan to sell a part of its holding in the country's largest financial institution through a public issue.</p>.<p>"The government proposes to sell a part of its holding in LIC through an initial public offer," Finance Minister Nirmala Sitharaman said on Saturday while presenting the Budget for 2020-21.</p>.<p>Currently, the government fully owns LIC.</p>.<p>"LIC has always been the last resort for funding for other public sector entities. We strongly oppose the government's proposal to sell a portion of its holding in LIC," All-India Life Insurance Employees Federation General Secretary Rajesh Nimbalkar told PTI.</p>.<p>Further, he said the government's move is against the interest of the public because growth of LIC is the sheer outcome of the dedication and faith of policyholders and its agents.</p>.<p>Any dilution of the government's stake in LIC would shake faith of the policyholders in the institution.</p>.<p>Nimbalkar said though the government has not revealed the amount of stake it plan to sell, going by the past experience it seems a majority stake would be sold, resulting into LIC losing its public sector status.</p>
<p>Employees' union of LIC has strongly opposed the government's plan to sell a part of its holding in the country's largest financial institution through a public issue.</p>.<p>"The government proposes to sell a part of its holding in LIC through an initial public offer," Finance Minister Nirmala Sitharaman said on Saturday while presenting the Budget for 2020-21.</p>.<p>Currently, the government fully owns LIC.</p>.<p>"LIC has always been the last resort for funding for other public sector entities. We strongly oppose the government's proposal to sell a portion of its holding in LIC," All-India Life Insurance Employees Federation General Secretary Rajesh Nimbalkar told PTI.</p>.<p>Further, he said the government's move is against the interest of the public because growth of LIC is the sheer outcome of the dedication and faith of policyholders and its agents.</p>.<p>Any dilution of the government's stake in LIC would shake faith of the policyholders in the institution.</p>.<p>Nimbalkar said though the government has not revealed the amount of stake it plan to sell, going by the past experience it seems a majority stake would be sold, resulting into LIC losing its public sector status.</p>