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A Bloomberg report noted that the government is discussing selling as much as 7 per cent state in LIC through the listing. With the stake sale of 7 per cent, the LIC IPO would be the biggest ever in the history and post listing its valuation would be comparable to companies like RIL and TCS.
Photo Credit : Reuters
The central government is seeking around Rs 50,000 crore next month from the IPO of Life Insurance Corporation (LIC), according to a Bloomberg report on Tuesday.
The report noted that the government is discussing selling as much as 7 per cent state in LIC through the listing. With the stake sale of 7 per cent, the LIC IPO would be the biggest ever in the history and post listing its valuation would be comparable to companies like RIL and TCS.
According to the Draft Red Herring Prospectus (DRHP) filed by the insurance giant in February, the plan was to sell about 31.6 crore shares or 5 per cent stake, which is estimated to fetch around ₹60,000 crore to the exchequer.
The government has time till 12 May to launch the IPO without filing fresh papers with market regulator Sebi.
Recently, the government filed updated draft papers with market regulator Sebi, incorporating December quarter financials of the insurance behemoth.