LIC IPO: BIG UPDATE! BOOST to disinvestment target as Modi government CONFIRMS THIS in Parliament
Minister of State for Finance reply came on a query related to LIC IPO during the first day of the monsoon session of the Parliament
The Modi government has made a big update about LIC IPO. Minister of State for Finance Pankaj Chaudhary on Monday said that Initial Public Offer of the state insurer will be completed by the end of this year. Chaudhary was replying to a query related to LIC IPO during the first day of the monsoon session of the Parliament. In this matter related to LIC IPO, works on different front is being carried on. Only recently on July 15, Secretary, DIPAM (Department of Investment and Public Asset Management) issued RFP for selecting Book Running Lead Managers and other advisers for LIC IPO.
See Zee Business Live TV Streaming Below:
In the biggest IPO in the history of India, LIC IPO will also see 10 per cent stake reserved for policy holders. In this direction, LIC has already started to creating database of eligible policyholders. This has been initiated keeping in the mind that the LIC has 29 crore policyholders and many people hold more than one policy and the process is expected to consume time.
Given that the LIC is the biggest insurance company of the country and it is reserving 10 per cent quota for policyholders, its is excepted that LIC IPO may lead to opening of more than 1 crore demat account.
The listing of LIC will be crucial for the government to meet its disinvestment target.
Inviting bids from merchant bankers, the Finance Ministry had said the potential size of the IPO is expected to be far larger than any previous issue.
The Budget Estimate for disinvestment in 2021-22 has been set at Rs 1.75 lakh crore. So far this fiscal, Rs 7,645.70 crore has been realised as disinvestment receipts.
In her Budget speech, Finance Minister Nirmala Sitharaman had said that strategic disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam Ltd, among others, and IPO of LIC would be completed in 2021-22.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
04:05 PM IST