New Delhi (TIP)- India is considering selling about 5% of the shares it holds in a state insurer as it prepares to file documents for the country’s biggest initial public offering, according to people familiar with the matter. The government plans to offer 31.6 crore shares of the 632 crore shares it owns in Life Insurance Corp. of India, and no fresh stock will be issued, the people said, asking not to be identified discussing confidential information. The draft prospectus is expected to be filed this week, they said.

The embedded value of the company is estimated to be about ? 5.4 lakh crore ($72 billion), though officials are still firming up the figures, the people said. The insurer’s board is likely to meet Friday to ratify the decision, one of the people said. Deliberations are still ongoing and details could change, the people said. Representatives for the company, known as LIC, didn’t immediately respond to requests for comment. A finance ministry spokesman in New Delhi was unavailable for comment. The first-time share sale by the insurer is part of Prime Minister Narendra Modi‘s efforts to mop up cash and help rein in a budget deficit that’s widened in the midst of the pandemic.