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LIC IPO to hit markets by March; draft papers to be filed with Sebi by Jan finish

The federal government will launch the mega public provide of LIC by March and file draft papers with market regulator Sebi by the top of this month, an official stated.

Finance Minister Nirmala Sitharaman had final week reviewed the progress of the preliminary public providing (IPO) of Life Insurance coverage Company (LIC) in a gathering with prime officers of the ministry.

The official stated the September 2021 quarter financials of LIC are getting finalised in addition to fund bifurcation is in progress.

“We are hopeful of filing the DRHP (draft red herring prospectus) with Sebi by month-end or early-February. One thing is for sure that IPO will come before the end of the current fiscal,” the official instructed PTI.

LIC IPO is essential for assembly the 1.75-lakh crore disinvestment goal set for the present monetary yr ended March 2022. Thus far this fiscal, 9,330 crore has been mopped up by means of PSU disinvestment.

Finance Minister Nirmala Sitharaman had final week reviewed the progress of the preliminary public providing (IPO) of Life Insurance coverage Company (LIC) in a gathering with prime officers of the ministry.

The federal government in September final yr appointed 10 service provider bankers, together with Goldman Sachs (India) Securities Pvt Ltd, Citigroup International Markets India Pvt Ltd and Nomura Monetary Advisory and Securities (India) Pvt Ltd to handle the mega preliminary public providing of the nation’s largest insurer LIC.

Different chosen bankers embody SBI Capital Market Ltd, JM Monetary Ltd, Axis Capital Ltd, BofA Securities, JPMorgan India Pvt Ltd, ICICI Securities Ltd, and Kotak Mahindra Capital Co Ltd.

Cyril Amarchand Mangaldas has been appointed as authorized advisor for the IPO.

The federal government is within the means of deciding the quantum of presidency stake that might be divested by means of the IPO.

The federal government can also be mulling permitting international buyers to choose up stakes within the nation’s largest insurer LIC. In line with Sebi guidelines, international portfolio buyers (FPI) are permitted to purchase shares in a public provide. Nonetheless, because the LIC Act has no provision for international investments, there’s a have to align the proposed LIC IPO with Sebi norms concerning international investor participation.

The Cupboard Committee on Financial Affairs had in July final yr cleared disinvestment of LIC. 

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