LIC IPO News: DIPAM issues RFP for Book Running Lead Managers; Know FULL DETAILS here
LIC IPO – A big development with respect to the Life Insurance Corporation of India (LIC) Initial Public Offering (IPO) is here. Department of Investment and Public Asset Management (DIPAM) Secretary’s official Twitter handle has tweeted about this. Request For Proposal (RFP) for selecting Book Running Lead Managers (BRLM) and other advisors for LIC IPO has been issued
LIC IPO – A big development with respect to the Life Insurance Corporation of India (LIC) Initial Public Offering (IPO) is here. Department of Investment and Public Asset Management (DIPAM) Secretary’s official Twitter handle has tweeted about this. Request For Proposal (RFP) for selecting Book Running Lead Managers (BRLM) and other advisors for LIC IPO has been issued.
“RFP issued for selecting Book Running Lead Managers and other advisers for LIC IPO. Details at DIPAM website,” Secretary, DIPAM Twitter handle (@SeciDIPAM) said.
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Tuhin Kanta Pandey is DIPAM Secretary.
See Tweet Here:
RFP issued for selecting Book Running Lead Managers and other advisers for LIC IPO. Details at DIPAM website. pic.twitter.com/t5EjQt8D0B
— Secretary, DIPAM (@SecyDIPAM) July 15, 2021
LIC's initial public offering (IPO) has been one of the most discussed offering for the past several months. It is also being called Mega IPO.
Zee Business had previously reported that the government would be inviting bids from merchant bankers this month for managing LIC disinvestment as it moves ahead with plans to launch the IPO by January.
The DIPAM had in January appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the IPO, which is touted to be the biggest public issue in Indian corporate history.
This report said that the Budget amendments to the LIC Act have been notified and the actuarial firm would work out the embedded value of the life insurer in the next couple of weeks.
Under the embedded value method, insurance companies' present value of future profit is also included in its present net asset value (NAV).
Up to 10 per cent of the LIC IPO issue size would be reserved for policyholders.
The LIC Amendment Act has been made part of the Finance Act, thereby bringing the required legislative amendment for launching IPO of the country's largest life insurer.
Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors.
The listing of LIC will be crucial for the government to meet its disinvestment target. The government aims to mop up Rs 1.75 lakh crore in the current fiscal from minority stake sale and privatisation.
Of the Rs 1.75 lakh crore, Rs 1 lakh crore is to come from selling government stake in public sector banks and financial institutions and Rs 75,000 crore would come as CPSE disinvestment receipts.
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