New Delhi: The government is likely to invite bids from merchant bankers this month to manage LIC’s disinvestment as it goes ahead with plans to launch an IPO by January, an official said.
The Department of Investment and Public Asset Management (DIPAM) had in January appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the IPO, which is considered the largest public issue in Indian corporate history.
The official further said that the budget amendments to the LIC Act have been notified and the actuarial firm will work on the underlying value of the life insurer over the next few weeks.
Under the embedded value method, the present value of an insurance company’s future profits is also included in its current net asset value (NAV).
“We will invite bids for the appointment of merchant bankers in the next few weeks,” the official said. Discussions are on with institutional investors, the official said. “We expect to get regulatory approval by the end of November,” the official said.
Up to 10 percent of the LIC IPO issue size will be reserved for policyholders.
The LIC Amendment Act has been made part of the Finance Act, bringing in the necessary legislative amendments to launch the IPO of the country’s largest life insurer.
The listing of LIC will be crucial for the government to meet its disinvestment target. The government has set a target of raising Rs 1.75 lakh crore from minority stake sale and privatization in the current financial year. Read also: Planning to buy a Honda car? Shop now as prices may go up in August
Out of Rs 1.75 lakh crore, Rs 1 lakh crore will come from sale of government stake in public sector banks and financial institutions and Rs 75,000 crore will come as CPSE disinvestment proceeds. Read also: Withdraw PF immediately after changing job? Think Twice Or Face These Problems
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