LIC IPO Update: The government has filed the updated DRHP of LIC with the financial results for the December quarter.
LIC IPO Update: The government has filed an updated draft paper with the market regulator SEBI (SEBI) for the IPO of the country’s largest insurance company Life Insurance Corporation of India (LIC). These documents include information related to the December quarter results. Giving this information on Monday, an official said, “The updated DRHP of LIC has been filed along with the financial results of December quarter.” The government had filed a draft red herring prospectus (DRHP) for the IPO with SEBI on February 13, which got SEBI’s nod earlier this month.
LIC IPO: Based on the documents filed, IPO can be brought till May 12, the government will soon submit the final paper in SEBI
Why was the updated draft paper filed?
Actually, on the basis of the draft paper that was filed earlier in SEBI, there is time till May 12 to bring LIC’s IPO. After that, to bring the IPO, the government will have to submit the documents to SEBI afresh. According to the latest update, LIC had a net profit of Rs 235 crore in the October-December quarter. Net profit increased to Rs 1,671.57 crore between April and December 2021.
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Government wants to raise about 60,000 crores through this IPO
The government wants to raise around Rs 60,000 crore through IPO through sale of about 316 crore shares or five per cent stake in LIC. This IPO would have helped in achieving the disinvestment target of Rs 78,000 crore in the current financial year. The IPO was originally scheduled to be launched in March, but was postponed due to heavy volatility in the stock market amid the Russia-Ukraine crisis.
(Input-PTI)
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