LIC IPO Will Come On Time In This Fiscal 2011-22 Last Quarter Only Says DIPAM Secretary Tuhin Kanta Pandey


LIC IPO Update: Public sector insurance company Life Insurance Corporation of India (LIC) IPO will come only in the last quarter between January and March of this financial year 2021-22. The government has refuted media reports that said its IPO looks less likely to happen in the current financial year as valuations took longer than expected. Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), has refuted these denials by tweeting.

DIPAM secretary tweeted and clarified

Tuhin Kant Pandey tweeted and wrote that some media are raising doubts about the arrival of LIC’s IPO, which is completely wrong. I would like to reiterate that preparations for LIC IPO are underway and it will come only in the last quarter (January-March) of this financial year 2021-22.

IPO will come in January-March quarter

DIPAM, the department that looks after the government’s stake in state-owned companies, has entrusted the task of valuation of LIC to Milliman Advisors. In fact, an official of the merchant banker handling the IPO had claimed that before bringing the IPO, approval would have to be taken from the market regulator Securities and Exchange Board of India (SEBI) as well as permission from the insurance sector regulator IRDAI.

Act has already been amended

The government has already amended the LIC Act for listing of LIC. Under the new provisions, the government will continue to hold a minimum 75 per cent stake in LIC for the first five years of listing, but after that the limit will come down to 51 per cent.

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