Image Source : PTI Up to 10% of LIC IPO situation measurement to be reserved for policyholders
Up to 10 per cent of the LIC IPO situation measurement can be reserved for policyholders, Minister of State for Finance Anurag Thakur stated on Tuesday. The authorities will stay the bulk shareholder and can proceed to retain administration management safeguarding the curiosity of policyholders, he stated.
“In the Finance Bill 2021-22, it has been proposed to have a reservation on a competitive basis, to an extent of up to 10 per cent of the issue size, in favour of life insurance policyholders of LIC,” Thakur stated in a written reply to a question within the Rajya Sabha.
In her Budget Speech 2021, Finance Minister Nirmala Sitharaman stated the preliminary public providing (IPO) of Life Insurance Corporation (LIC) can be launched within the subsequent monetary yr, starting April 1.
The LIC Amendment Act has been made a part of the Finance Bill, thereby bringing the required legislative modification for launching IPO of the nation’s largest life insurer.
The Department of Investment and Public Asset Management (DIPAM), which manages the federal government’s fairness in state-owned corporations, has already chosen actuarial agency Milliman Advisors for ascertaining the embedded worth of LIC.
Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors.
The Budget 2021-22 has set a disinvestment goal of Rs 1.75 lakh crore, larger than the Rs 32,000 crore estimated to be garnered within the present fiscal. Of the Rs 1.75 lakh crore, Rs 1 lakh crore is to come back from promoting authorities stake in public sector banks and monetary establishments, and Rs 75,000 crore would come as CPSE disinvestment receipts.
Latest Business News
