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SEBI board eases public offer norms, paves way for LIC IPO
These reforms come a little over a fortnight after Finance Minister Nirmala Sitharaman introduced amendments to relevant legislation during the Budget session to float LIC IPO on markets
BusinessToday.In | February 17, 2021 | Updated 23:44 IST
In its meeting on Wednesday, Securities and Exchange Board of India (SEBI) has relaxed public issue norms for large companies, among other measures. The step is crucial for initial public offering (IPO) of Life Insurance Corporation of India (LIC), which otherwise would have faced problems with its debut on the equity market.
The market regulator has amended Securities Contracts (Regulation) Rules (SCRR), 1957, which reduces minimum public offer (MPO) requirement for companies with post-issue market capital exceeding Rs 1 lakh crore from 10 per cent of post-issue market capital (existing provision) to Rs 10,000 crore, plus 5 per cent of the incremental amount beyond Rs 1 lakh cr