The government is open to a minority stake sale in General Insurance Corporation of India (GIC) and Life Insurance Corporation of India (LIC) in 2024-25 after assessing investors’ appetite, a government source told the Reuters on Friday.

“The government has received good feedback in investors’ roadshows for GIC and is open to selling its 10 per cent stake in tranches depending on its share value,” the official said.

The sale of 10 per cent stake in GIC would be done over a period of time, the official said, garnering about Rs 5,700 crore ($683 million), according to the closing price on Friday.

Shares of GIC have risen about 45 per cent in the last six months.

For LIC, the government plans to stick to its target of offloading 10 per cent stake over 7 years and 25 per cent over 10 years since the listing in 2022, the source said.

However, LIC stakes would be sold in “small” tranches, depending on the insurer’s stock performance and gauging investors’ appetite, the source said.

Shares of the country’s largest insurer have jumped by 58 per cent in the last six months and closed at Rs 973 on Friday.

In LIC’s IPO, the government had sold 3.5 per cent stake in the company and had planned to offload another 1.5 per cent for the insurer’s inclusion in index funds.