The Central Government has taken an important decision regarding the Initial Public Offer (IPO) of the country’s largest insurance company LIC.
The government has appointed 10 merchant bankers, including Goldman Sachs (India) Securities, Citigroup Global Markets India and Nomura Financial Advisory & Securities India, to manage it.
SBI Capital Markets, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities and Kotak Mahindra are among the other bankers that have been selected to manage the mega IPO, according to a circular posted on the website of the Department of Disinvestment. Capital Company Ltd. Are included.
Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), tweeted that the government has selected book running lead managers and other advisors for LIC’s IPO. The disinvestment department had invited applications for the appointment of merchant bankers on July 15. Subsequently, 16 merchant bankers made presentations for the management of LIC’s IPO.
DIPAM is also in the process of appointing a legal advisor for stake sale. The last date for sending bids for this is September 16. The company’s IPO of LIC is expected to come in the quarter of January-March, 2022.
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