LIC IPO: Government invites bids again for legal advisors

During the Budget speech for FY22, the government announced an ambitious divestment target of Rs 1.75 lakh crore.

The government, on September 2, for the second time sought bids for legal advisors for the listing of Life Insurance Corporation (LIC), which is expected to be the largest public offering in Indian history.

In a notice, the Department of Investment and Public Asset Management (DIPAM) said the last date for the bids is September 16.

The government said insufficient interest was seen during the previous attempt. "Considering insufficient demand received in the first RFP, it has been decided to issue a fresh RFP on the above subject," the notice said.

DIPAM Secretary Tuhin Kanta Pandey recently said he expects the LIC listing to take place in the current fiscal year (2021-22).

The government has selected 10 investment banks, including Goldman Sachs, Citigroup, and SBI Capital Market, to manage LIC's IPO, according to a Reuters report.

During the Budget speech for FY22, the government announced an ambitious divestment target of Rs 1.75 lakh crore. Most of this amount is expected to be mopped up through the LIC IPO and privatisation of a number of companies including Air and Bharat Petroleum Corporation (BPCL).