The IPO of the country's largest insurance company LIC has got the approval of market regulator SEBI. A report quoted sources as saying that SEBI has given a green signal to raise funds through IPO. According to the draft red herring prospectus (DRHP) filed with Sebi, the government will sell a 5 percent stake in the life insurance firm to meet its disinvestment target of Rs 78,000 crore in the current fiscal.
Documents submitted on February 13
The government will sell more than 31 crore equity shares of LIC and through this, the company plans to raise Rs 63000 crore. Let us inform you here that on behalf of LIC, the government had submitted DRHP i.e. IPO proposal with SEBI on February 13. Due to the ongoing war between Russia and Ukraine, there was also a possibility that the government may miss the disinvestment target this year and LI's IPO may be postponed to the next financial year.
10% share for policyholders
As per the documents, a portion of LI's IPO will be reserved for anchor investors. Apart from this, up to 10 percent of the LIC IPO issue size will be reserved for policyholders and five percent for employees. Let us tell you that this IPO of LIC will be the biggest in the history of the country so far.
Offer for Sale IPO
This IPO of LIC will be the biggest IPO to date. As per the DRAP submitted to SEBI, the issue of LIC will be purely offered for sale. In this, the government will issue 31.6 crore shares under its 5 percent stake. According to the report, the embedded value of the company will be Rs 5.4 lakh crore. Normally the market cap of an insurance company is four times this value. According to this, the market value of LIC will be $ 288 billion i.e. about Rs 22 lakh crore and LIC will become the largest valued company in the country.
20% FDI allowed
It is worth noting that in the cabinet meeting held recently, a big decision was taken regarding LIC IPO. FDI was allowed in IPO-bound LIC. In the meeting, approval was given for foreign direct investment (FDI) up to 20 percent in LIC through the automatic route. After this decision, the way for foreign investment in the proposed IPO of LI has been opened.
Happy Children's Day 2023: Why is Children's Day celebrated, know its history and importance from here
Children's Day 2023: Every year in our country, 14 November is celebrated as Children's Day. On this day, competitions related to songs, music, speech, slogans, sports, etc. are organized in schools,
Indian Army Chief Manoj Pandey reached Bhutan amid Chinese 'infiltration' in Doklam, Dragon settled the village!
Army Chief General Manoj Pandey began a two-day visit to Bhutan on Friday. The Army Chief's visit to Bhutan comes at a time when China is once again ramping up infrastructure in the Doklam region. It
'China has occupied Indian land, how do you know?'; Supreme Court's harsh comment on Rahul Gandhi
The Supreme Court has strongly reprimanded the Leader of the Opposition, Rahul Gandhi, for commenting on the army. The Supreme Court asked Rahul Gandhi in clear words, How do you know that China has
Canada Row: Tension increased between India and Canada due to the attack of Khalistanis on Hindus, Sikh community also came out in support
The ongoing tension in the relations between India and Canada may increase further due to Khalistanis targeting the people of the Hindu community outside the temple in Canada. The Indian High
Russia-Ukraine War: Zelensky on the front foot after the success of Kherson, expressed happiness and made a big promise to the public
Ukraine's President Zelensky has pledged to completely drive him out of his country while on the front foot following the retreat of Russian forces from Kherson. The strategically important city was
The person who wrote a threatening message for Arvind Kejriwal arrested had written this in the Delhi Metro
Delhi Police has arrested the accused who wrote a threatening message to Delhi Chief Minister and Aam Aadmi Party (AAP) national convenor Arvind Kejriwal at the metro station.
Rahul Gandhi: Rahul Gandhi was seen driving a sports bike on the streets of Ladakh, people said - found the hero of Dhoom 4
Rahul Gandhi/ Congress has already geared up for the 2024 Lok Sabha elections in Ladakh. Seeing the elections approaching, Congress MP Rahul Gandhi is also going among the people and meeting them. For
DPIIT: The vision of National Logistics Policy is getting better results, and benefits in infrastructure
On the National Logistics Policy, Anurag Jain, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), said on Friday that the work done by us in the last year in the
'Rahul Gandhi talks about running a love shop, it should also be visible...' AAP leader taunts Congress
These days the Aam Aadmi Party government of Delhi is engaged in mobilizing the opposition against the NCCSA ordinance brought by the Centre. Recently, in the meeting of opposition parties held in
Delhi CM's home Vandalised: 8 people arrested so far for creating ruckus at Arvind Kejriwal's residence
A total of 8 people have been arrested so far by Delhi Police in connection with the uproar and violent riots at Chief Minister Arvind Kejriwal's residence. Apart from this, raids are on by Delhi
