LIC IPO Likely to Come in May, Govt to Wait for Markets to Calm Down; Details Here

LIC had, on February 13, filed the draft red herring prospectus (DRHP) for LIC IPO (REUTERS/Dado Ruvic)

LIC IPO: With stock markets still facing headwinds amid uncertainties around the Ukraine conflict, the Centre has decided to put on hold its LIC IPO decision for some time and wait for the financial market to stabilize. The LIC IPO will now happen only in the next financial year, chances are that the issue may hit the market by mid-May if market conditions are stable. However, any further delay could will require additional regulatory requirements, sources told News18.com.

Since Russia’s invasion, uncertainty has been surrounding the country’s biggest IPO. The government’s sale of about 31.6 crore shares or a 5 per cent stake in Life Insurance Corporation (LIC), which was estimated to fetch around Rs 60,000 crore to the exchequer, was originally planned to be launched in March.

The government has time till May 12 to launch the initial public offering without filing fresh papers with regulator Sebi, according to sources. The only additional requirement till then will be an addendum to the draft red herring prospectus on the insurer’s December quarter results, News18 has learned from sources.

Source: https://www.news18.com/news/business/markets/lic-ipo-likely-to-come-in-may-govt-to-wait-for-markets-to-calm-down-details-here-4872764.html

Exit mobile version