LIC IPO: Center may launch initial public offering in January-March quarter

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New Delhi: The initial public offering of Life Insurance Corporation (LIC) is expected to take place in the January-March quarter of the current financial year, Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) said on Wednesday. 2021-22.

We are working very hard on LIC’s IPO. For capital markets, it will be a huge event in the first quarter of 2022,” Pandey said. The public listing of the state-owned insurance company is being seen as a significant step for the government to meet its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March).

Meanwhile, he also informed that the government will invite financial bids for privatization of six CPSEs. These firms include BPCL, BEML and Shipping Corp.

He has invited private companies to bid for companies that will soon be ready for privatization. Private firms bidding for majority stake in the CPSE will also get transfer of management control.

“After 19 years, we will see 5-6 privatizations this year. BPCL is in due diligence stage. The financial bids of BEML, Shipping Corp, Pawan Hans, Central Electronics, NINL may come up in December-January so that we can close it by this year itself.

Also, on the sale of Air India from salt to software conglomerate Tata Group’s holding company Tales Pvt Ltd, Pandey said the government aims to hand over the national carrier by December. He was speaking on the sidelines of the CII Global Economic Policy Summit 2021.

He said that cooperation from the private sector is also needed. “They also have a role so that they bid for those CPSEs which are on sale. “We are moving towards a state of privatization, where it is not only in policy but also in action,” Pandey said. Read also: Post Office FD Scheme: Claim tax benefits under Section 80C, grow your money without worrying about market volatility

So far in the current financial year, the central government has raised Rs 9,330 crore through sale of minority stake in PSUs and SUUTI (Specified Undertaking of Unit Trust of India) stake in Axis Bank. Read also: Sensex down 314 points, Nifty below 17,900

– With PTI inputs.

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