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The government owns 100% of LIC, whose total capital is about 632 crore shares. The government, while targeting Rs 1.75 trillion in revenue for this year, expected the completion of costly privatization proposals. The target was reduced to ₹78,000 crore. The government’s sale of around 31.6 crore shares or 5% stake in LIC was estimated at around Rs 60,000 crore to the Treasury.