New Delhi. The Central Committee on Economic Affairs (CCEA) has given its nod to issue an IPO of public sector insurance company Life Insurance Corporation of India (LIC). It is expected that LIC’s IPO can be issued by March 2022.
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It is noteworthy that in this year’s budget, Union Finance Minister Nirmala Sitharaman had announced to sell the government’s stake in Life Insurance Corporation of India (LIC). Sitharaman had said that government stake will be sold through LIC’s IPO. Since then, investors have been waiting for LIC’s IPO to be released.
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Cabinet committee will decide
According to media reports, the central government is preparing to launch LIC’s IPO by March 2022. For this, a Cabinet Committee is also being discussed. This committee will decide on all the matters related to LIC. The committee will decide up to what percentage of the government stake in LIC will be sold and how many shares will be issued.
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According to the Life Insurance Corporation of India, the corporation had assets of Rs 32 lakh crore at the end of the year 2019-20 and is the largest insurance company in the domestic insurance sector with a share of 70 percent. The Central Government has chosen SBI Capital Markets and Deloitte as its advisors for bringing the IPO of LIC. Investors are very excited about LIC’s IPO from now on. According to market experts, this could be the biggest IPO in the country.