LIC IPO update: Govt plans to complete insurance company’s public offer before March 2022
Minister of State for Finance Bhagwat Kishanrao Karad said on Monday that the government plans to complete the initial public offering of Life Insurance Corporation (LIC) in the current financial year.
The government on Thursday invited bids for appointment of merchant bankers and legal advisors for the IPO and listing of the country’s largest insurance company.
“The Life Insurance Corporation of India (LIC) plans to complete the Initial Public Offering (IPO) during the year,” Karad said in a written reply to a question in the Lok Sabha.
The listing of LIC will be crucial for the government to meet its disinvestment target. Inviting bids from merchant bankers, the finance ministry had said that the expected size of the IPO is expected to be much larger than any previous issue.
The budget estimate for disinvestment in 2021-22 has been kept at Rs 1.75 lakh crore. In the current financial year so far, Rs 7,645.70 crore has been received as disinvestment proceeds.
“A number of disinvestment transactions are expected to be completed during the year,” Karad said.
In her budget speech, Finance Minister Nirmala Sitharaman had said that strategic disinvestment of IPOs of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Nilachal Ispat Nigam Limited, and LIC in 2021- 22 will be completed.
Read more: Sector Mutual Funds: Who Should Invest In & Why – Portfolio Exposure and Risk Assessment
Read more: LIC Saral Pension Plan: Earn a minimum pension of Rs 12,000 annually; Description
.