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Government ready to sell 5% stake in LIC

By IndianMandarins- 14 Feb 2022
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New Delhi (14.02.2022):  LIC filed the Draft Red Herring Prospectus with SEBI on February 13, 2022 and said that its much-awaited Initial Public Offering (IPO) will constitute 4.99 per cent of its post-offer paid-up share capital. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted: “The DRHP of LIC IPO has been filed today with the SEBI.”
The IPO is 100 per cent OFS by GOI and no fresh issue of shares by LIC. For filing valuation about 31.6 cr shares are on offer representing 5 per cent equity. LIC IPO, which is expected to be the country’s largest public issue, will hit the capital market in March. As per the draft prospectus filed on Sunday, LIC will offload 316.25 million shares (over 31 crore). LIC has said as of September 2021, its assets under management (AUM) stood at Rs 39.6 lakh crore.
LIC has 66 percent market share in new business premiums, with 283 million policies and 1.35 million agents as of 31st March 21. The embedded value of LIC as of September 30, 2021, stood at Rs 5,39,686 cr (about Rs 5.4 lakh crore). 

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