New Delhi, First Published Apr 6, 2022, 9:17 AM IST
According to reports, the central government is planning to sell its stake in LIC in May.
Serious advice
According to reports, the central government is in talks with banks and financial advisers regarding RHP over the LIC IPO. Consultations are in full swing as RHP has to file a document with SEBI before issuing the shares.
Rs 65,000 crore
The central government is to sell 5% stake in LIC through an IPO. LIC has submitted a draft report to the Securities and Exchange Board of India (SEBI). The central government plans to raise Rs 65,000 crore to Rs 75,000 crore by selling this 5% stake. 31.60 crore shares have been sold through this IPO.
This includes special discounts for policyholders and employees of LIC. If policyholders want to buy shares, they must have a PAN number attached to the policy. The deadline for this is over.
May 12th
SEBI, the market regulator, has given the go-ahead to the LIC to issue an IPO till May 12. The shares must be issued within this. Therefore, the LIC IPO will be by May 12, according to federal government sources
Ready
As the war between Russia and Ukraine draws to a close, the international environment remains challenging, with domestic stock markets volatile. However as the IPO deadline expires, the federal government is set to hold a share sale in May.
31 crore
The central government is to sell 5 per cent of its stake or 31 crore shares. A certain percentage of this share sale is reserved for policyholders and LIC employees. The central government owns 100 per cent stake in LIC, or 632.49 crore shares.
The LIC IPO is highly anticipated. If LIC shares are listed, its market value will surpass that of Reliance and TCS. The federal government can hold an IPO using the deadline of May 12. Otherwise the IPO will take place after re-applying to the SEPT for approval and approval.
Last Updated Apr 6, 2022, 9:17 AM IST