LIC IPO: DRHP apt to be filed at the begining of February, states DIPAM Secy

As plans for that country’s largest insurance provider LIC’s mega public listing move closer, the Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey on Tuesday mentioned that LIC will probably file draft papers with market regulator Sebi by early Feb, within two days.

Your comments ought to come after Sitharaman, during her Budget 2022 speech, stated the Existence Insurance Corporation asia (LIC) dpo (IPO) is anticipated shortly, and added that other medication is and in process for FY23.

Sitharaman stated her government was searching towards applying a brand new Public Sector Enterprise (PSE) policy and recommended the proper change in Air India continues to be completed.

Recently, the FM had a week ago reviewed the progress from the dpo (IPO) of Existence Insurance Corporation (LIC) inside a ending up in top officials from the ministry.

The state stated the September 2021 quarter financials of LIC are becoming finalised in addition to fund bifurcation is within progress.

LIC IPO is vital for meeting the Rs 1.75-lakh crore disinvestment target looking for the present financial year ended March 2022. To date this fiscal, Rs 9,330 crore continues to be mopped up through PSU disinvestment.

The federal government in September this past year hired 10 merchant bankers, including Goldman Sachs (India) Securities Pvt Limited, Citigroup Global Markets India Pvt Limited and Nomura Financial Advisory and Securities (India) Pvt Limited to handle the mega dpo of country’s largest insurer LIC.

Other selected bankers include SBI Capital Market Limited, JM Financial Limited, Axis Capital Limited, BofA Securities, JPMorgan India Pvt Limited, ICICI Securities Limited, and Kotak Mahindra Capital Co Limited.

Cyril Amarchand Mangaldas continues to be hired as legal consultant for that IPO.

The federal government is while deciding the quantum of presidency stake that’ll be divested with the IPO.

The federal government can also be mulling allowing foreign investors to get stakes within the country’s largest insurer LIC. Based on Sebi rules, foreign portfolio investors (FPI) are allowed to purchase shares inside a public offer. However, because the LIC Act doesn’t have provision for foreign investments, there’s a necessity to align the suggested LIC IPO with Sebi norms regarding foreign investor participation.

Your Cabinet Committee on Economic Matters been on This summer this past year removed disinvestment of LIC.

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