The government will list the country's largest insurer LIC on the stock exchanges by March-end, a top official said on Thursday. The draft papers for LIC's initial public offering (IPO) is being finalised and will be filed with market regulator Sebi soon for its approval.
"LIC disinvestment amount will be included in this year's (Budget) because we aim to list it before March 31," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told PTI. LIC IPO is crucial for meeting the disinvestment target set for the current fiscal ending March 2022.
The Budget for 2021-22 has set a disinvestment target of Rs 1.75 lakh crore, as against Rs 32,835 crore garnered in the last fiscal. Of the Rs 1.75 lakh crore, Rs 1 lakh crore is to come from selling government stake in public sector banks and financial institutions, and Rs 75,000 crore will be CPSE disinvestment receipts. So far this fiscal, Rs 9,330 crore has been mopped up through minority stake sale in PSUs.