There is a buzz, interest in market for LIC IPO; we will be going ahead with it: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday said that there was a buzz and interest on the public issue of the Life Insurance Corporation of India (LIC) and the government will go ahead with it. The Finance Minister said this on her Post Budget Outreach Press Conference in Mumbai on Tuesday.

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"There is a buzz, interest in market for LIC IPO; we will be going ahead with it: Finance Minister Nirmala Sitharaman," news agency PTI tweeted from its official Twitter handle.

There is a buzz, interest in market for LIC IPO; we will be going ahead with it: Finance Minister Nirmala Sitharaman

— Press Trust of India (@PTI_News) February 22, 2022

Today at the press conference, the Union Finance Minister said, "The monetization of national assets will add a lot to the cost of infrastructure, and from April 1, 2022, a more definite picture will emerge."

राष्ट्रीय मालमत्ता मुद्रीकरण पायाभूत सुविधांवरील खर्चात खूप मोठी भर घालेल, 1 एप्रिल 2022 पासून याबाबत एक अधिक निश्चित चित्र दिसू लागेल

- केंद्रीय अर्थमंत्री @nsitharaman

https://t.co/Z26ZwqJQdw pic.twitter.com/2PlgEvmx4z

— PIB in Maharashtra (@PIBMumbai) February 22, 2022

The LIC IPO which is going to be the country's largest IPO, has filed DRHP with SEBI on February 13, 2022. The issue will be opened for the public in March.

Following her interaction with industry & financial market functionaries y'day, Finance Minister @nsitharaman will meet bankers & FSDC on Day 2 of her #Budget2022 outreach visit to Mumbai

The Minister will then address a press conference

LIVE from 4.45 https://t.co/Z26ZwqKo34 https://t.co/00q3KYxhlk pic.twitter.com/oZI7p5kwfE

— PIB in Maharashtra (@PIBMumbai) February 22, 2022

While announcing the Union Budget 2022-23, FM Nirmala Sitharaman said that LIC IPO will be crucial in meeting the disinvestment target set by the central government in the fiscal ending in March 2022. The Union Budget last year, set up a disinvestment target of Rs 1.75 lakh crore.

When asked about the rise in the crude oil prices globally, Sitharaman said, "Increasing crude prices a challenge discussed at meeting on financial stability; will keep a watch on it."

Increasing crude prices a challenge discussed at meeting on financial stability; will keep a watch on it: Sitharaman

— Press Trust of India (@PTI_News) February 22, 2022

Coming back to the LIC IPO, as per LIC DRHP, employees and policyholders of the insurance behemoth will get a discount over the floor price. The offer includes not more than 5% reservation for its eligible employees and not more than 10 per cent for its policyholders. LIC policyholders who have one or more than one policy on the DRHP submission date (February 13) shall be eligible for claiming the quota benefit.