NEW DELHI: The Centre aims to list state-run insurance behemoth LIC by the last quarter of the current financial year and merchant bankers for the transaction would be appointed soon, a top official said on Tuesday.
“We are looking at the fourth quarter and work on several fronts is progressing for the IPO,” Tuhin Kanta Pandey, secretary, department of investment and public asset management (Dipam) told TOI.
Last week, the Union Cabinet approved the IPO of LIC, which is set to be the biggest and several estimates suggest that it could raise Rs 90,000 crore to Rs 1 lakh crore, handing over much-needed revenue to the government against the backdrop of the Covid pandemic.
Pandey said the panel headed by finance minister Nirmala Sitharaman will decide on the exact quantum of share sale. He said the department of financial services was working on fulfilling other requirements for the IPO.
The LIC Act of 1956 has been amended and Pandey said the rules have been notified. He said the draft prospectus for the IPO would also be filed soon. The Dipam secretary said discussions with the stock market regulator was on for complying with other requirements for the IPO.
