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LIC IPO process kick-starts; FinMin sets the ball rolling on mega disinvestment

IGL, one in every of India’s main pure gasoline distribution firms noticed its volumes take a success solely within the final days of the March quarter.

Kicking-off preparation of the mega Life Insurance coverage Company of India (LIC) preliminary public providing, the Finance Ministry at present invited bids from consulting companies, funding bankers, and monetary establishments. The bids have been invited for advising the federal government on the proposed IPO which can see the federal government divest a part of its stake. IPO of the huge insurance coverage firm might simply make it one of many high listed firms on the inventory exchanges by way of market capitalisation. Earlier in her funds speech Finance Minister Sitharaman had introduced that the federal government will promote part of its holding in LIC via an preliminary public providing.

The federal government has proposed to have interaction two transaction advisors previous to the IPO, for helping the Division of Funding and Public Asset Administration (DIPAM) in getting ready For the IPO which in line with consultants would possibly as nicely turn into the most important ever within the nation. The advisors can submit their bids starting Friday, until July 13, 2020. The bids could be opened by DIPAM on July 14. “Bidders ought to have suggested, dealt with, and accomplished at the least one transaction of IPO of a measurement of Rs 5,000 crore or extra between April 1 2017 to March 31, 2020 or ought to have managed a capital market transaction of Rs 15,000 crore or extra through the interval,” the request for proposal stated.

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