INSUBCONTINENT EXCLUSIVE:
Government has filed draft prospectus with SEBI for LIC's IPOThe government on Sunday filed the draft papers with markets regulator
sell 5 per cent equity stake.According to sources, the public offer is expected to hit the capital market in March.The government will sell
over 31 crore equity shares of LIC, according to the draft red herring prospectus (DRHP) filed with the markets regulator."The DRHP of LIC
IPO has been filed today with the SEBI," department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey
tweeted.Government aims to come out with the IPO and subsequent listing of Life Insurance Corporation (LIC) on bourses by March.A portion of
the IPO would be reserved for anchor investors
Also, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders
Actuarial firm Milliman Advisors LLP India had worked out the embedded value of LIC, while Deloitte and SBI Caps have been appointed as
pre-IPO transaction advisors.The IPO is seen as a test of investor appetite for new offerings, with a number of companies that listed last
year now trading below their offer prices on concerns over lofty valuations and looming increases to interest rates by global central banks
fighting inflationary pressures, Reuters reported.The listing also comes against the backdrop of foreign investors pulling out funds from
