BIG UPDATE! BOOST to disinvestment target as Modi government CONFIRMS THIS in Parliament




a sign on the side of a building


© Provided by Zee Business


The Modi government has made a big update about LIC IPO. Minister of State for Finance Pankaj Chaudhary on Monday said that Initial Public Offer of the state insurer will be completed by the end of this year. Chaudhary was replying to a query related to LIC IPO during the first day of the monsoon session of the Parliament. In this matter related to LIC IPO, works on different front is being carried on. Only recently on July 15, Secretary, DIPAM (Department of Investment and Public Asset Management) issued RFP for selecting Book Running Lead Managers and other advisers for LIC IPO.  

See Zee Business Live TV Streaming Below:

In the biggest IPO in the history of India, LIC IPO will also see 10 per cent stake reserved for policy holders. In this direction, LIC has already started to creating database of eligible policyholders. This has been initiated keeping in the mind that the LIC has 29 crore policyholders and many people hold more than one policy and the process is expected to consume time.   

Given that the LIC is the biggest insurance company of the country and it is reserving 10 per cent quota for policyholders, its is excepted that LIC IPO may lead to opening of more than 1 crore demat account.  

The listing of LIC will be crucial for the government to meet its disinvestment target.  

Inviting bids from merchant bankers, the Finance Ministry had said the potential size of the IPO is expected to be far larger than any previous issue.  

The Budget Estimate for disinvestment in 2021-22 has been set at Rs 1.75 lakh crore. So far this fiscal, Rs 7,645.70 crore has been realised as disinvestment receipts.  

In her Budget speech, Finance Minister Nirmala Sitharaman had said that strategic disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam Ltd, among others, and IPO of LIC would be completed in 2021-22.

 



Source link

Previous post Litecoin Climbs 10{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} In Rally By Investing.com
Next post Love on the Inside bakery in Canandaigua NY finds sweet success