The authorities goals to come back out with the IPO and subsequent itemizing of Life Insurance Corporation on the bourses within the January-March quarter of 2022.
The chosen names embrace Goldman Sachs Group Inc, JPMorgan Chase & Co, ICICI Securities Ltd, Kotak Mahindra Capital Co, JM Financial Ltd, Citigroup Inc and Nomura Holdings Inc.
- News18.com
- Last Updated:September 26, 2021, 13:41 IST
- FOLLOW US ON:
The authorities has shortlisted Cyril Amarchand Mangaldas for giving authorized recommendation on upcoming mega LIC IPO of India’s largest insurance coverage firm LIC, an official mentioned. Four regulation corporations Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co had made shows earlier than the Department of Investment and Public Asset Management (DIPAM) on September 24. Following shows, Cyril Amarchand Mangaldas has been chosen as authorized advisor for the preliminary public providing (IPO) of Life Insurance Corporation (LIC), the official instructed PTI. DIPAM had first floated RFP on July 15 inviting bids from authorized advisors for the mega IPO and the final date for bidding was August 6. However, the RFP didn’t obtain adequate response. Following that, on September 2, it issued a recent RFP and set September 16 as final date for bidding. Those put in bids made presentation earlier than DIPAM on September 24.
Ten service provider bankers have already been chosen for managing the IPO, touted to be the most important in nation’s historical past. The chosen names embrace Goldman Sachs Group Inc, JPMorgan Chase & Co, ICICI Securities Ltd, Kotak Mahindra Capital Co, JM Financial Ltd, Citigroup Inc and Nomura Holdings Inc. The authorities goals to come back out with the IPO and subsequent itemizing of Life Insurance Corporation on the bourses within the January-March quarter of 2022. The authorities can also be mulling permitting overseas buyers to select up stakes in nation’s largest insurer LIC.
As per Sebi guidelines, overseas portfolio buyers (FPI) are permitted to purchase shares in a public provide. However, for the reason that LIC Act has no provision for overseas investments, there’s a have to align the proposed LIC IPO with Sebi norms concerning overseas investor participation. The Cabinet Committee on Economic Affairs had in July cleared the preliminary public providing proposal of Life Insurance Corp of India. The ministerial panel identified as the Alternative Mechanism on Strategic Disinvestment will now determine on the quantum of stake to be divested by the federal government. “The potential measurement of the IPO is predicted to be far bigger than any precedent in Indian markets,” the department had said. The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March). So far this fiscal, Rs 9,110 crore has been mopped up through minority stake sales in PSU and sale of SUUTI stake in Axis Bank.
Read all of the Latest News, Breaking News and Coronavirus News right here
