LIC IPO News: Centre approves the amendments to the General Insurance Business Act, 1972, know the LIC IPO Date

 LIC IPO latest News:

The Cabinet Committee on Wednesday approved amendments to the General Insurance Business Act, 1972, thereby giving a green signal for India’s largest insurance company Life Insurance Corporation’s Initial Public Offer (i.e., the LIC IPO). And with this, the private companies will be able to participate in government insurance companies established in the insurance sector. As per the reports, the government has given this approval mainly to sell its stake in LIC.

The government cannot sell its stake in LIC without amendment in the Insurance Business Act, 1972. During the budget announcement this year, Finance Minister Nirmala Sitharaman had announced the disinvestment of two public sector banks and an insurance company.

In the current financial year (2021-22), the government has set a target of raising Rs 1.75 lakh crore from disinvestment. So far in the current financial year, the government has been able to raise only Rs 7,646 crore from disinvestment. Recently, the government has allowed 100 percent foreign investment in public companies in the oil and gas sector, so that foreign investors can buy a stake in them.

LIC IPO Date:

On the other hand, on Wednesday, TK Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, told in a program that preparations are on to bring LIC's IPO in the last quarter (January-March, 2022) of the current financial year. While the department has invited investment bankers and legal advisors to make proposals for LIC's IPO.

Speaking at the event of industry body FICCI, Pandey said that LIC's IPO is a matter of curiosity for global markets including India, as it is going to be the biggest IPO in the country. He said that in the current financial year, the government's focus will be on privatization and strategic disinvestment, and BPCL's disinvestment is a big task in this direction.

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