NEW DELHI: The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for the listing of Life Insurance Corporation of India (LIC)’s shares on stock exchanges, an official in the Department of Financial Services, Ministry of Finance, told TNIE.
The initial public offering (IPO) of the state-owned life insurer is part of the government’s efforts to raise Rs 1.75 lakh crore through disinvestment in the current financial year. Sources said all efforts are being made to ensure the LIC IPO is done within the current financial year, which ends in March 2022.
The government, which holds 100% equity holding in LIC, is planning to sell a portion of its stake in the process. Finance Minister Nirmala Sitharaman in her Budget speech had brought in necessary amendments in the Life Insurance Act to pave the way for LIC IPO.
Deloitte and SBI Capital have been appointed pre-IPO advisors. According to sources, they have prepared a full activity chart for LIC, the milestones, what they have to do with accounts, etc.