Government after a long wait Life Insurance Corporation of India (LIC) will bring the much-awaited IPO by March and will present the draft before the market regulator SEBI for its approval by the end of January. An official associated with the matter said on Thursday that the financial data of LIC for July-September 2021 is being finalized. Apart from this, the process of fund division is also going on. “We expect to submit the draft proposal regarding the IPO to the Securities and Exchange Board of India by the end of this month,” the official said.
It is certain that LIC’s IPO will come by the end of the current financial year. LIC’s IPO is considered very important for achieving the disinvestment target of Rs 1.75 lakh crore for the current financial year. So far, the government has been able to raise only Rs 9,330 crore from the disinvestment of several PSUs.
The government had appointed 10 merchant bankers in September last year to conduct the initial issuance of the country’s largest insurance company LIC. These include Goldman Sachs, Citigroup and Nomura. At the same time, Cyril Amarchand Mangaldas was nominated as a legal advisor. The Cabinet Committee on Economic Affairs had approved the disinvestment of LIC in July last year. It is believed to be the biggest IPO of the country till date.
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