State-run Life Insurance Corporation of India (LIC), which is planning the country`s largest Initial Public Offering (IPO) next month, is well capitalised, the company`s chairman M.R Kumar said on Monday.

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Kumar said LIC`s potential investors should not worry about government control post the IPO as decisions in the country`s largest insurance company are taken by its board and not by the government, which will hold 95 per cent of stake post the IPO, the Reuters reported.

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On February 13, the state-run insurer filed draft papers with capital market regulator Sebi for the sale of a 5 per cent stake by the government for an estimated Rs 63,000 crore.

The initial public offering (IPO) of over 31.6 crore shares or 5 per cent government stake is likely to hit the market in March, and employees and policyholders of the insurance behemoth would get a discount over the floor price.