Govt invites bankers’ bids for LIC IPO

NEW DELHI: The

Centre

on Thursday invited bids for appointing merchant bankers, advisers and a legal firm for the proposed initial public offer for state-run insurance behemoth LIC, initiating the process for the mega listing. The government aims to list LIC by the last quarter of the current fiscal,

Tuhin Kanta Pandey

, secretary, department of investment and public asset management (Dipam) had told TOI on Tuesday.


The

Cabinet

last week approved LIC’s IPO, which is set to be the biggest and several estimates show that it could raise up to Rs 90,000 crore to Rs 1 lakh crore, handing over much-needed revenue to the government against the backdrop of Covid.

A panel headed by finance minister Nirmala Sitharaman will decide on the quantum of the share sale shortly. Dipam will select and appoint up to 10 book running lead managers with experience in public offerings, who together will form a team. The Centre also invited bids for appointing an advertising agency.

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