LIC IPO: On September 8, the central government has appointed Kotak Mahindra Capital Company, Goldman Sachs India Securities, JP Morgan India, ICICI Securities, and many other companies as intermediaries. The government is preparing to sell its stake in LIC.
Hyderabad-based KFintech has been appointed as the Registrar Company and Share Transfer Agent of the issue of LIC. Meanwhile, Mumbai-based Concept Communications has been selected as the advertising agency. Earlier on September 2, the government had called for bids for the legal advisors of LIC for the second time. LIC will be the biggest issue ever in the country.
The Department of Investment and Public Asset Management (DIPAM) said the last date for the bids is September 16. DIPAM Secretary Tuhin Kanta Pandey recently said he expects the LIC listing to take place in the current fiscal year (2021-22). During the Budget speech for FY22, the government announced an ambitious divestment target of Rs 1.75 lakh crore. Most of this amount is expected to be mopped up through the LIC IPO and privatization of a number of companies including Air and Bharat Petroleum Corporation (BPCL).
