New Delhi: State-run insurer Life Insurance coverage Company of India (LIC) is more likely to file its Draft Crimson Herring Prospectus (DRHP) for its upcoming preliminary public providing (IPO) on February 11 (Friday), sources informed CNBC-TV18.
In a board assembly on February 9 (Wednesday), the Insurance coverage Regulatory and Growth Authority (IRDAI) had cleared the LIC IPO proposal, based on the report. It mentioned the quantum of divestment and EV numbers might be talked about within the DRHP, it mentioned.
The central authorities is contemplating to promote about 5 per cent of the shares it holds within the LIC because it prepares to file papers, Bloomberg mentioned quoting sources conversant in the matter.
The federal government plans to supply 31.6 crore shares of the 632 crore shares it owns within the LIC. In response to sources, no contemporary inventory might be issued.
In response to a report in Bloomberg, deliberations are nonetheless ongoing and particulars might change.
The embedded worth of the state insurer is estimated to be about Rs 5.4 lakh crore ($72 billion), the sources informed Bloomberg.
Finance Minister Nirmala Sitharaman, whereas presenting the Union Funds for FY22-23, had informed Parliament that the LIC IPO is anticipated shortly.
Bloomberg not too long ago reported that the federal government is on the lookout for a valuation of $203 billion for the life insurance coverage large, which is able to make it the second-largest listed firm by market capitalisation.
The federal government is claimed to be mulling a two-part IPO of LIC as a result of apprehensions over the fairness market’s capacity to soak up such a big major challenge at one go.