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HomeTop StoriesMiddle to promote 3.5% stake in LIC, IPO raises Rs 21,000 crore

Middle to promote 3.5% stake in LIC, IPO raises Rs 21,000 crore

The federal government is prone to promote 3.5% stake in LIC and LIC’s IPO is anticipated to lift no less than Rs 21,000 crores.

The government has until May 12 to launch an LIC IPO without filing a new red herring prospectus (DRHP).  (Photo: file)

The federal government has till Might 12 to release an LIC IPO with out submitting a brand new pink herring prospectus (DRHP). (Picture: record)

The federal government is prone to promote a three.5% stake in Existence Insurance coverage Company (LIC) thru an preliminary public providing that hits the markets within the first week of subsequent month, the reliable stated.

The issuance is anticipated to be Rs 21,000 crore, with the rustic’s greatest insurer valued at Rs 6 crore.

LIC is prone to record a diversionary prospectus with marketplace regulator Sebi by means of Wednesday.

“The LIC IPO is prone to cross public within the first week of Might. A three.5 p.c stake dilution matter to regulatory approval,” the reliable stated.

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In February, LIC filed draft paperwork with Sebi declaring that the federal government would promote a 5% stake or 31.6 crores of stocks within the state-owned insurance coverage corporate.

Then again, the IPO plans were thwarted by means of persisted volatility within the inventory markets because of the conflict between Russia and Ukraine, forcing the federal government to chop the issuance dimension to a few.5%.

Reservations for policyholders and staff, in addition to reductions, factor dates and factor worth will probably be identified by means of Wednesday, the reliable added.

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