Life Insurance Corporation of India or LIC policy holders are set to get a big benefit from LIC IPO, which will come soon. The Government of India (GoI) will reserve as much as 10 per cent stake for the LIC policy holders at the time of LIC IPO launch.
Life Insurance Corporation of India or LIC policy holders are set to get a big benefit from LIC IPO, which will come soon. The Government of India (GoI) will reserve as much as 10 per cent stake for the LIC policy holders at the time of LIC IPO launch. The Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey informed about the good news for LIC policy holders that may come when the LIC IPO is launched. LIC IPO launch date will be sometime in FY22. This was announced by Finance Minister Nirmala Sitharaman in her Budget 2021 speech. The DIPAM, which is looking after the issue has said LIC IPO launch date will be after October, 2021.
The DIPAM Secretary said that the way retail investors get 10 per cent reservation in the LIC IPO, the GoI is mulling to give that benefit to the LIC Policy holders too. For information of the readers, the GoI is planning to raise around Rs 90,000 crore from the LIC IPO and DIPAM is looking after the entire issue.
LIC is the biggest insurance company in India and the GoI has asked for application from the actuarial firms to assess the actual worth of the LIC as a company. For the launch of the LIc IPO, the GoI has appointed Deloitte and SBI Capital as assistance companies for the LIC IPO launch.
As per some recent media reports, the Narendra Modi Government plans to raise Rs 90,000 crore by selling six to seven per cent stakes of the LIC as their valuation says that LIC’s value is around Rs 12.85-15 lakh crore, making it India’s second most valued company after Reliance Industries Limited (RIL), ahead of marquee names such as HDFC Bank, TCS, Infosys and HUL.
