New Delhi, Aug. 11 -- The Centre is looking to slash its ownership in Life Insurance Corp. of India (LIC) and several public sector banks (PSB) beyond what's mandated by the Securities and Exchange Board of India (Sebi), two people aware of the plans said.

The government is looking to hire merchant bankers for three years, extendable by two more years, as it aims to sell the shares over time, the people said on the condition of anonymity. The sale aims to raise money for the government while capitalizing on favourable market conditions. However, majority ownership and management control will remain firmly with the government.

"While some PSB stake sales may stretch beyond 2026, the plan is to go past Sebi's requirement over the next thr...