By Nupur Anand, Aftab Ahmed and Sudarshan Varadhan

NEW DELHI (Reuters) – State-run Life Insurance Corporation of India (LIC) has filed draft papers with the market regulator for an initial public offering (IPO) that is widely expected to be the country’s largest public issue.

The IPO by India’s largest insurer will offload 316.25 million shares, according to the draft prospectus dated Feb. 13.

(Additional reporting by Chandini Monnappa and Chris Thomas in Bengaluru;Rupam Jain in Mumbai, Editing by Sriraj Kalluvila, and Andrew Heavens)