LIC board approves cut in IPO issue size to 3.5% from 5%: sources
The LIC board hasapproved a cut in its initial public offering issue size from 3.5 per cent to 5 per cent, sources have said. The government will now dilute 3.5 per cent of its shares in LIC for...
Centre to stick to selling 5% stake in LIC public offering
A top official said that the government would stick to its initial plan of selling just 5% of the insurance giant, given the volatility in the market, and retain the option of selling an additional stake within the current fiscal to boost asset sales proceeds
Government likely to take a call on timing of LIC IPO within this week
The government is likely to take a call on the timing of LIC initial public offering within this week, a senior official said. The sale of 5 per cent stake or 31.6 crore shares in the country's largest insurer was originally planned for in March, but was postponed in view of the geopolitical tension. The government has time till May 12 to launch the IPO without filing fresh papers with markets regulator Sebi. The official said it would be a tough call to decide whether to go ahead with the retail and domestic investor demand or to wait for geopolitical tension to ease and FIIs to return to market. "A decision on timing the IPO would be taken this week," the official told PTI. LIC's embedded value, which is a measure of the consolidated shareholders' value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors. There were estimates made in certain quarters that LIC's market valuation would be about
Life insurance companies record 37% rise in new business premium in March
Market leader LIC logged in a 51 percent surge in first-year premiums in March, while it jumped nearly 8 percent to Rs 1.98 trillion for 2021-22
This incomplete exercise is at the heart of LIC valuation tussle
The LIC valuation exercise was completed towards the end of 2021 and the draft red herring prospectus, more than 600 pages long, was filed in the first half of February 2022
Government approaches foreign sovereign, pension funds to be anchor investors to LIC public issue
The Centre is looking to confirm participation from foreign sovereign and pension funds that had earlier indicated interest in the public offer
Govt shortlists up to 60 anchor investors for LIC's share sale
Price discovery estimates insurer's value at around Rs 7 trillion Special legislation for business entities is pass
Enacted for empowering, special laws, like in the case of LIC, cripple decision making and distort the level-playing field
Centre may expand size of LIC share sale
The Government may sell upto 6.5% of LIC, depending oninvestor interest.Delaying the IPO beyond 12 May will mean the govt will have to include Dec quarter financials for LIC and refile the prospectus