Sitharaman jabs Congress after SC ruling on Devas
Sitharaman jabs Congress after SC ruling on Devas

According to an official, the government plans to launch the LIC big public offer in March and file draught papers with market regulator Sebi by the end of this month.

In a meeting with top ministry officials last week, Finance Minister Nirmala Sitharaman assessed the development of the Life Insurance Corporation’s (LIC) initial public offering (IPO).

According to the person, LIC’s September 2021 quarter financials are being finalised, and fund split is in the works.

“We expect to file the DRHP (draught red herring prospectus) with Sebi by the end of January or the beginning of February. One thing is certain: the IPO will take place before the fiscal year ends “According to PTI, the official said.

The LIC IPO is critical in achieving the 1.75-lakh-crore disinvestment objective set for the current fiscal year, which ends in March 2022. PSU disinvestment has netted a total of $9,330 crore so far this year.

In a meeting with top ministry officials last week, Finance Minister Nirmala Sitharaman assessed the development of the Life Insurance Corporation’s (LIC) initial public offering (IPO).

The government appointed ten merchant bankers to manage the mega initial public offering of the country’s largest insurer, LIC, in September last year, including Goldman Sachs (India) Securities Pvt Ltd, Citigroup Global Markets India Pvt Ltd, and Nomura Financial Advisory and Securities (India) Pvt Ltd.

SBI Capital Markets Ltd, JM Financial Ltd, Axis Capital Ltd, BofA Securities, JPMorgan India Pvt Ltd, ICICI Securities Ltd, and Kotak Mahindra Capital Co Ltd are among the other shortlisted lenders.

The IPO’s legal advisor has been named Cyril Amarchand Mangaldas.

The government is currently deciding how much of its ownership in the company will be sold in the IPO.

The government is also considering allowing foreigners to buy shares in LIC, the country’s largest insurer. Foreign portfolio investors (FPIs) are allowed to buy shares in a public offering under Sebi rules. However, because the LIC Act makes no provision for international investments, the planned LIC IPO must comply with Sebi rules on foreign investor involvement.

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