LIC IPO
Government ready to launch LIC IPO in May, say sources: Report
New Delhi: The government is set to launch the Life Insurance Corporation of India's initial public offering in early May, media reports said.
Sources told CNBC-TV18 that the Centre is consulting bankers and financial advisers over Red Herring Prospectus (RHP), which is submitted to the capital markets regulator Securities and Exchange Board of India (SEBI) just before the public listing.
The government is looking to sell more than 5 percent of its stake in the LIC IPO and collect Rs 63,000 crore, sources said, according to the report.
The global uncertainties have now been factored in and market volatility has ebbed, sources told adding that the officials are working in a challenging environment, the report said,
On March 8, LIC had received SEBI's approval to raise funds through an IPO.
The IPO is an offer for sale (OFS) and there will not be a fresh issue of shares by the government.
With this, the government aims to meet the curtailed disinvestment target of Rs 78,000 crore in the current fiscal.
The government has time till May 12 to launch the LIC IPO without filing fresh papers with market regulator SEBI as the DRHP was filed on February 13.
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