LIC IPO: Centre plans to raise up to Rs 25,000 cr from over 24 anchor investors
The Life Insurance Corporation of India (LIC) will also undergo a change in its board structure and adopt new accounting standards before its IPO
BusinessToday.In | June 14, 2021 | Updated 10:26 IST
Centre may line up over two dozen anchor investors for mega IPO
The Centre is mulling to draw in a clutch of anchor investors to pump in up to Rs 25,000 crore in the shares of Life Insurance Corporation of India (LIC) in its IPO (Initial Public Offering).
The state-run insurer will also undergo a change in its board structure and adopt new accounting standards before its initial share sales.
If Paytm s Rs 22,000 crore IPO issue materialises, it will be the largest IPO ever in the country, eclipsing the hitherto largest issue the Rs 15,000-crore share sale by the government in Coal India in October 2010, says investment bankers seeking not to be quoted.
Appointments committee of cabinet has approved the proposal of the department of financial services to extend the term of Kumar beyond his currently notified term
LIC chairman M R Kumar. File
| Photo Credit:
Vivek Bendre
The govt has approved the proposal of the Department of Financial Services for extending the term of M.R. Kumar from June 30, 2021 till March 13, 2022 The government has given a nine-month extension to LIC Chairman M.R. Kumar till March next year in view of the insurer’s proposed initial public offer towards the end of the current fiscal.
In her Budget Speech 2021, Finance Minister Nirmala Sitharaman said the Initial Public Offer (IPO) of LIC would be floated in 2021-22 as part of the ambitious ₹1.75 lakh crore disinvestment target.
The government has approved the proposal of the Department of Financial Services for extending the term of Mr. Kumar from June 30, 2021 till March 13, 2022, the date when he completes three years, sources said.