The government has taken another decision on the biggest IPO ever. The names of 10 merchant bankers for LIC IPO have been finalized. However, 16 merchant bankers gave a presentation for this.
Merchant bankers who have been selected for LIC IPO are Citigroup, Goldman, Securities India, and Nomura. Other trading banks include JM Financial, SBI Capital, Axis Capital, ICICI Securities, Bank of America Securities, JP Morgan, and Kotak Mahindra Capital.
Secretary of DIPAM (Department of Investment and Public Asset Management) Tuhin Kanta Pandey, who invited applications for merchant bankers, gave information on this matter on social media. He said that the government has finalized the appointment of the Book Running Lead Manager and other consultants.
Tuhin Kanta Pandey, secretary of DIPAM (Department of Investment and Public Asset Management), who invited applications for merchant bankers, provided details on the matter on social media. He said the government had finalized the appointment of the Lead Book Manager and other overseers.
In this matter, the disinvestment department had invited applications on July 15. 16 merchant bankers participated in it. These merchant bankers gave their presentations. After that, the names of 10 merchant bankers were selected and finalized. DIPAM is also in the last stages of appointing a legal advisor for the stake sale. For this, the last date for submission of bids is September 16. However, the actuarial firm Milliman Advisors has already been appointed for the Embedded Value of LIC.
Foreign investment in LIC can also be allowed by the government. It is reported that 20% of the share will be for foreign investors. However, foreign investors can buy stakes as per SEBI norms. This limit has been fixed at 20% in the public sector banks. The Act has to be changed for foreign investment in LIC as this company is formed under the LIC Act.
LIC's IPO will be the largest IPO ever in the country. The government can raise 80 to 90 thousand crore rupees through this. In this current financial year, the government has set a target of raising Rs 1.75 lakh crore, in which a major contributor will be LIC. So far, since April, the government has raised only Rs 8,368 crore.
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