LIC IPO: Centre has time till May 12 to launch offer without seeking fresh Sebi approval
Zee News
On February 13, the government filed the draft red herring prospectus (DRHP) for the IPO with Sebi, which granted its approval for the same last week.
New Delhi: The government has time till May 12 to launch the initial public offering (IPO) of LIC without filing fresh papers with market regulator Sebi, an official said. The government's sale of about 31.6 crore shares or 5 per cent stake in Life Insurance Corporation (LIC), which was estimated to fetch around Rs 60,000 crore to the exchequer, was originally planned to be launched in March, but the Russia-Ukraine crisis has derailed the plans as stock markets are highly volatile.
On February 13, the government filed the draft red herring prospectus (DRHP) for the IPO with Sebi, which granted its approval for the same last week.
"We have a window till May 12 to launch the IPO based on the papers filed with Sebi. We are watching the volatility and will file the RHP giving the price band soon," an official said.
The DRHP filed with Sebi had details of the financial results of LIC and also the embedded value till September 2021.
If the government misses the May 12 window available with it, LIC would have to file fresh papers with Sebi giving the results of December quarter and also update the embedded value.
