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LIC IPO expected in the fourth quarter of this year: CEA Subramanian

Chief economic advisor Krishnamurthy Subramanian expressed confidence that the largest insurance company, Life Insurance Corporation of India (LIC), would go public by the fourth quarter of this year.

“… has this year’s budget 1.75 lakh crores as the proceeds from privatization. Air India is doing well. You must read that two commandments were received. The listing of Bharat Petroleum and LIC is also, we are confident that it should be done by the fourth quarter of this year, “he said during an event on Saturday.

“I’m pretty confident that history will be seen as a very, very important year for privatization this year,” he said during an interactive session at the PGPMAX Leadership Summit 2021 at the Indian School of Business (ISB) in Hyderabad .

Also read: LIC IPO: Government is considering foreign institutional investment of up to 20%

The government recently hired 10 commercial bankers, including Goldman Sachs (India) Securities, Citigroup Global Markets India and Nomura Financial Advisory and Securities India, to lead the highly anticipated public offering (IPO) of the country’s largest insurer, LIC.

Four law firms, including two of the largest in the country, filed bids earlier this week to advise the listing after the center revamped the fee payment structure to make it more attractive. The shortlisted law firms will take care of everything from preparing the IPO papers to answering inquiries from regulators.

The issue is touted as the largest ever in an IPO and is expected to give the Indian stock market a big boost. This sale of shares is also used for the fulfillment of the For the current financial year, New Delhi has set a disinvestment target of 1.75 lakh crore.

Also read: LIC IPO can affect jobs and social spending, workers union warns

LIC has a 66% market share of new premium income in India’s crowded insurance market. It manages more than $ 450 billion in assets.

Subramanian, who responded to a privatization request, spoke about the “Atma Nirbhar Bharat” policy and key reform to encourage privatization of public sector entities other than some strategic sectors.

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