Lawstreet Journal

LIC to file draft IPO papers with SEBI next month

Lawstreet Journal 5 Oct 2021 8:28pm

Image courtesy: Lawstreet Journal Business LIC to file draft IPO papers with SEBI next month

Country's largest insurer, LIC likely to file draft papers with Sebi by November for the largest IPO in country's history, a finance ministry official has said.

“We target to bring the IPO within this fiscal and we have set strict timelines. The DRHP would be filed by November," the official stated.

Last month, the government appointed 10 merchant bankers, including Goldman Sachs (India) Securities Pvt Ltd, Citigroup Global Markets India Pvt Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd to manage the mega initial public offering of country's largest insurer LIC.

Other selected bankers include SBI Capital Market Ltd, JM Financial Ltd, Axis Capital Ltd, BofA Securities, J P Morgan India Pvt Ltd, ICICI Securities Ltd, and Kotak Mahindra Capital Co Ltd.

By January, merchant bankers will hold global and domestic road shows for investors, once the draft red herring prospectus (DRHP) is filed, the official said.

Cyril Amarchand Mangaldas has been appointed as legal advisor for the IPO.

The government is aiming to list the insurance behemoth within the current financial year ending March.

The official said:

"The ministry is in the process of estimating the embedded value of the life insurer and once that is done the ministerial panel on disinvestment will decide on the government stake that will be divested through IPO."

The government has appointed actuarial firm Milliman Advisors LLP India to compute the embedded value of LIC ahead of the initial public offering.

The government is also mulling allowing foreign investors to… Continue Reading...


Tagged: LIC   Securities and Exchange Board of India (SEBI)  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com