: SEBI clears the decks for mega LIC IPO #finance #StockMarketNEWS #Business Will help the government mobilise about `63,000 crore New Delhi: Markets regulator Securities and Exchange Board of India
SEBI clears the decks for mega LIC IPO #finance #StockMarketNEWS #Business
Will help the government mobilise about `63,000 crore
New Delhi: Markets regulator Securities and Exchange Board of India (SEBI) has given approval to mega initial public offering (IPO) proposal of Life Insurance Corporation (LIC) to help the government mobilise about `63,000 crore to meet the disinvestment target for the current fiscal year, sources said.
SEBI has given its nod to draft red herring prospectus (DRHP) filed by LIC on February 13, 2022, sources said.
The go-ahead from the SEBI has come in less than a month, fastest ever to any company.
Going by the DRHP, the initial public offering (IPO) would see sale of 31. 6 crore shares or 5% stake of the government. Also employees and policyholders of the insurance behemoth would get a discount over the floor price.
LIC’s embedded value, which is a measure of the consolidated shareholders’ value in an insurance company, has been pegged at about `5. 4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.
Although the DRHP does not disclose the market valuation of LIC, as per industry standards, it would be about 3 times the embedded value or around `16 lakh crore.
The IPO is offer for sale (OFS) by Government of India and there will be no fresh issue of shares by LIC. The government holds 100% stake or over 632. 49 crore shares in LIC. The face value of shares is Rs 10 apiece.
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