INSUBCONTINENT EXCLUSIVE:
The embedded value of LIC is estimated to be about Rs 5.4 lakh crore ($72 billion).New Delhi: India is considering selling about 5% of the
shares it holds in a state insurer as it prepares to file documents for the country's biggest initial public offering, according to people
of India, and no fresh stock will be issued, the people said, asking not to be identified discussing confidential information
The draft prospectus is expected to be filed this week, they said.The embedded value of the company is estimated to be about Rs 5.4 lakh
crore ($72 billion), though officials are still firming up the figures, the people said
The insurer's board is likely to meet Friday to ratify the decision, one of the people said.Deliberations are still ongoing and details
could change, the people said
Representatives for the company, known as LIC, didn't immediately respond to requests for comment
A finance ministry spokesman in New Delhi was unavailable for comment.The first-time share sale by the insurer is part of Prime Minister
Narendra Modi's efforts to mop up cash and help rein in a budget deficit that's widened in the midst of the pandemic
For almost two years, his administration has been preparing the IPO plan for LIC, which has almost $500 billion in assets.A sharp reduction
in the government's asset-sale target for the financial year ending March 31 has sparked speculation that the state will be seeking less
than anticipated from the LIC IPO
It had planned to raise about $5 billion to $13 billion, people familiar with the matter have said earlier
The offer price will be determined through a book-building process.The operator of digital payments app Paytm currently holds the record for
the nation's biggest IPO after raising $2.5 billion in a November listing.LIC appointed six new independent directors to its board,
