Government may issue LIC IPO in 2nd half of 2021
By MYBRANDBOOK
Finance Secretary Rajiv Kumar said that LIC’s (Life Insurance Corporation) IPO (Initial Public Offering) may be launched in the second half of FY21. The launching of LIC’s IPO was announced during the Budget speech on February 1 when Finance Minister Nirmala Sitharaman proposed to sell a part of government stake in the insurance giant.
Kumar said there are a number of processes which have to be followed and would also be required for the listing of LIC.
"We will follow the extant procedure for listing and for other things including the legislative changes it requires in consultation with the Ministry of Law and that process we already started ... listing in the second half of FY21 seems logical," he said.
He also said that some legislative changes are required before the launch.
While answering about the quantum of dilution, Kumar said, it could be 10% but no decision has been taken so far.
Later speaking to media, the finance minister assuaged concerns of policyholders of any breach of sovereign guarantee as ownership stays with the government.
"We have only said an IPO. We have not given complete ownership to somebody," she said.
The government targeting to earn Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank in the next fiscal out of total disinvestment target of Rs 2.10 lakh crore.
The government currently owns 100% in LIC, while it holds around 46.5% stake in IDBI Bank.
LIC has many subsidiaries including IDBI Bank. It acquired controlling stake in IDBI Bank in 2019.
BREAKING NEWS
TECHNO TRENDS
Google Pay has added "Open Wallet" shortcut
With the introduction of the "Open Wallet" shortcut, Google Pay has impro...
TRAI targets to finalise National Broadcast Policy by May-end
The Telecom Regulatory Authority of India will finalise the National Broa...
TAC Security becomes Cyber Security Assessor for the App Defen
The cybersecurity company, TAC Security has been selected as a key Cyber ...
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
E-Magazine
TECHNOTAINMENT
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
MOVERS & SHAKERS
Nium Appoints Alexandra Johnson appoints as Chief Payments Off
Nium, the leader in real-time cross-border payments, today announced the ap
SISL elevates Ankita Wadhawan as CEO—End User Computing
The IT service provider, SISL in a LinkedIn post announced the elevation
OPEN YOUR EYES
INTERVIEWS
MEASURE AND IMPROVE YOUR SECURITY POSTURE WITH KEYSIGHT
Is your security team prepared for the next cyber-attack? Are your security
Committed to follow future roadmap with 'Make-in-India' 2.0 Vi
As technology advances, AI is used in increasingly disparate ways to help a
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
AGGRESSIVE ELECTRONICS MANUFACTURING SERVICES PVT. LTD.
SAMRIDDHI AUTOMATIONS PVT. LTD.
IBALL WORLDWIDE PVT. LTD.
AMARA RAJA POWER SYSTEMS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Josh Foulger
Josh is the Country Head of India and MD of Bharat FIH Ltd (A Foxconn ...
Technology Icons Of India 2023: Sunil Gupta
Sunil Gupta is the Co-founder, Managing Partner & CEO of Yotta Infrast...
Technology Icons Of India 2023: Dr. Sanjay Bahl
Sanjay Bahl is currently with the Indian Computer Emergency Response T...
PARTNER SPEAKERS
PSU
STPI encouraging software exports from India
Software Technology Parks of India (STPI) is an S&T organization under...
Leading company into fertilizers in the country
NFL is a dynamic organization committed to serve the farming community...
BEL leveraging next generation technologies to keep the country ahead in Defence space
Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry ...
VIDEOS
Top 25 Brands
Value-Added Distribution
REDINGTON INDIA LIMITED
Redington (India) Limited operates in the IT product distribution busi...
INGRAM MICRO INDIA PVT. LTD.
Ingram Micro India, a large national distributor offers a comprehensiv...
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
