LIC shares to hit the market before March 31, decision on BPCL likely next year: Union Minister Bhagwat Karad

Reported by: Saurabh Kumar Pandey

LIC IPO Date 2022: Union Finance Minister Nirmala Sitharaman presented the Union Budget 2022 on February 1, 2022. In the budget, the centre has  lowered the divestment target for fiscal 2022-23 to Rs 65,000 crore.

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Bhagwat Karad, Union Minister of State for Finance said that the LIC shares will hit the market before March 31, 2022, as reported by Zee Business reporter Saurabh Kumar Pandey. 

Reacting to the LIC IPO, Vikas Singhania, CEO, TradeSmart said, "The truncated size of LIC IPO can easily sail through in the market. For an IPO of around Rs 60,000 crore, as reported in media, finding investors for the largest insurer in the country should not be a problem. The smaller sized IPO is more digestible given the recent dampened sentiment in the Indian and global markets."

Karad further informed that there has been no decision on Bharat Petroleum (BPCL) yet. The decision on BPCL can be taken next year. Whatever is there on the BPCL bill, may be introduced next year. 

The Union Minister also said that currently, the budget session is going on and therefore, it will not be appropriate to speak on these matters. 

He further informed that the GST collection for the month of January has been Rs 1.40 lakh crore that suggests that the currency trend is more. He also added that the economy as well as the business of the country is growing.