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Sep 2021

India: LIC's mega IPO a step closer after cabinet approval

Source: Asia Insurance Review | Aug 2021

The Economic Affairs Committee of the Indian cabinet has approved the initial public offering of state-run insurer Life Insurance Corporation (LIC), India’s largest life insurance company, reported Bloomberg quoting disinvestment secretary Tuhin Kanta Pandey.
 
The approval is a step in moving ahead with the mega listing. A group of ministers will now decide on various issues related to the proposed offering, Mr Pandey said. The issues include the stake that will be divested through the IPO.
 
The government, which owns 100% of LIC, will determine the embedded value of the company to establish the stake sale details, including the amount and price band.
 
The IPO of the country’s biggest insurer is expected to take place by March 2022 and could raise more than INR1tn ($13.4bn). A 
 
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