The authorities plans to complete the preliminary public providing of Life Insurance Corporation (LIC) within the present fiscal, the Minister of State for Finance Bhagwat Kishanrao Karad mentioned on Monday.
The authorities on Thursday had invited bids to appoint service provider bankers and authorized advisors for the IPO and subsequent itemizing of the nation’s largest insurer.
“The Initial Public Offer (IPO) of the Life Insurance Corporation of India (LIC) is deliberate to be accomplished in the course of the 12 months,” Karad mentioned in a written reply to the Lok Sabha.
The itemizing of LIC shall be essential for the federal government to meet its disinvestment goal. Inviting bids from service provider bankers, the Finance Ministry had mentioned the potential dimension of the IPO is predicted to be far bigger than any earlier problem.
The Budget Estimate for disinvestment in 2021-22 has been set at Rs 1.75 lakh crore. So far this fiscal, Rs 7,645.70 crore has been realised as disinvestment receipts.
“Several disinvestment transactions are anticipated to be accomplished in the course of the 12 months,” Karad added.
In her Budget speech, Finance Minister Nirmala Sitharaman had mentioned that strategic disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam Ltd, amongst others, and IPO of LIC could be accomplished in 2021-22.
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