Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the rank-math domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/u596154002/domains/usbusinessreviews.com/public_html/wp-includes/functions.php on line 6114
Lot of buzz, interest in market for LIC IPO: FM Nirmala Sitharaman - Best Business Review Site 2024

Lot of buzz, interest in market for LIC IPO: FM Nirmala Sitharaman

[ad_1]

Table of Contents



Finance Minister Tuesday said there is a lot of interest and buzz in the market for the upcoming initial public offering of of India (LIC).


She also indicated that the Initial Public Offering (IPO) will happen in the current financial year.





On February 13, the state-owned insurer filed draft papers with capital regulator Sebi for the sale of a 5 per cent stake by the government for an estimated Rs 63,000 crore.


“Now that DRHP (for LIC IPO) is out, there is a buzz and a lot of interest in the market. I am glad the way in which it is crafted where shareholders also have a role to play. The way it has been crafted has created a lot of interest and we will be going ahead with it,” Sitharaman told reporters.


When asked whether the IPO will come in this financial year, Sitharaman said, “DRHP is not issued two years in advance. Is it?”.


DRHP refers to Draft Red Herring Prospectus.


is entirely an Offer for Sale (OFS) through which the Government of India would dilute 5 per cent of its stake by selling 31.63 crore shares.


Employees and policy holders of the insurance behemoth would get a discount over the floor price.


On Monday, LIC Chairman M R Kumar said the insurance behemoth was watching the geo-political situation carefully, though it was keen on listing the IPO in March.


“We are watching the situation closely and carefully…but we are very keen on having a listing in March,” Kumar had said when asked about the impact of the evolving geopolitical situation on the upcoming IPO.


Meanwhile, on Tuesday, LIC clarified that subscribers of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are not eligible for shares at a discounted price in the IPO.


“It is a group insurance product and (PMJJBY policyholders) isn’t eligible,” LIC said in a statement.


The clarification came a day after Kumar said PMJJBY subscribers are also eligible for the benefits available for policyholders. However, LIC said in the statement that it was “inadvertently mentioned”.


As per the DRHP filed last week, the maximum bid amount under the Policyholder Reservation Portion by an eligible policyholder would not exceed Rs 2,00,000 (net of policyholder discount).


LIC’s share capital was raised from Rs 100 crore to Rs 6,325 crore during September last year to help facilitate the IPO.


Last month, LIC reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



[ad_2]

Source link

agen slot777 slot pulsa slot pragmatic slot gacor situs toto slot 777 deposit dana 10k surga slot toto slot link situs toto situs toto slot situs toto situs toto slot situs toto slot777 slot gacor slot gacor slot gacor situs toto slot slot pulsa 10k toto togel situs toto slot situs toto slot gacor terpercaya situs toto slot dana