The government carefully assesses the public follow -up offer (FPO) of Life Insurance Corporation (LIC) and wishes to have the “best people” to execute the sale of stakes, said a senior finance ministry Business Today TV.
The manager described the last transition to the Empane merchant bankers and the legal advisers for sales of minority participations in the banks of the public and public sector (PSB) as “the stages of the company in the right direction”. However, he added that the time of the sale of LIC stake would be decided according to “good market conditions”.
Dipam, the Ministry of Investment and Public Asset Management, invited the offers of financial and legal advisers for a three -year empane to help the sale of poles in PSB LIC and certain PSBs. The center is likely to sell a small participation in LIC to help respect the minimum standards of public shareholding (MPS) established by SEBI.
Currently, LIC has a public float of only 3.5%, well below the minimum of 10% required for companies listed within two years of registration. SEBI extended the deadline until May 2027, giving the government more time to develop a disinvestment.
Currently containing a participation of 96.5% in LIC, sources indicate that an additional sale of 3 to 5% in LIC could be the first step in 2025-2026.
In May 2022, the government raised Rs 21,000 crossed thanks to the initial public offer of LIC (IPO), the most important in the history of the main markets in India. This IPO was entirely an offer for sale by the government, involving 221,374,920 Actions of RS 10, at the price of RS 949 per share, representing 3.5% of the paid capital of LIC
