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LIC IPO slated for March
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SME Times News Bureau | 27 Jan, 2022
India's bulge bracket IPO is here. On Thursday, a top government
official indicated that the Life Insurance Corporation (LIC) could
launch its big-ticket initial public offering (IPO) in early March this
year, adding that the government is also giving finishing touches to the
sale of Neelachal Ispat Nigam Limited.
"We are very
sanguine about bringing the LIC IPO in early March," said Tuhin Kanta
Pandey, Secretary, Department of Investment and Public Asset Management
(DIPAM).
LIC has reported a net profit over its half year for FY22 at Rs 1,437 crore.
The
listing of LIC is poised to be India's biggest IPO to date, with the
government looking to raise up to Rs 1 lakh crore by selling shares.
That would beat the Rs 18,300 crore that payments company Paytm raised
in November by roughly five times.
On Neelachal Ispat Nigam
Limited, Pandey said the sale is going to be closed in a matter of days.
In December last year, the government received financial bids for
strategic bids for the Odisha-based company that produces iron and
steel.
The government is counting on the sale of shares in LIC,
which has the lion's share of the life insurance market in India, to
fill the fiscal deficit this year.
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Customs Exchange Rates |
Currency |
Import |
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US Dollar
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75.65 |
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