LIC IPO | Centre to list Life Insurance Corporation of India by Q4FY22: DIPAM Secretary
The Union Cabinet had recently approved disinvestment of LIC. The panel headed by finance minister Nirmala Sitharaman will decide on the size of the share sale.
July 14, 2021 / 11:25 AM IST
DIPAM Secretary Tuhin Kanta Pandey said merchant bankers for the initial public offering (IPO) will be appointed soon.
The Centre is planning to list India's largest insurer Life Insurance Corporation of India (LIC) on exchanges by the last quarter of fiscal year 2021-22.
Tuhin Kanta Pandey, Secretary - Department of Investment and Public Asset Management (Dipam), said merchant bankers for the initial public offering (IPO) would be appointed soon.
"We are looking at the fourth quarter and work on several fronts is progressing for the IPO," Pandey told The Times of India.
The Union Cabinet recently approved disinvestment of LIC. The panel headed by finance minister Nirmala Sitharaman will decide on the size of the share sale.
The government has already made the required amendments to the LIC Act of 1956 for the proposed IPO, according to a PTI report. Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors.
Also read: LIC to have Chief Executive Officer, Managing Director; govt does away with Chairman post
DIPAM, in January, appointed Milliman Advisors LLP India to assess the embedded value of LIC, the news agency reported.
The LIC share sale will help the government move closer to its disinvestment target of Rs 1.5 lakh crore for FY22.