There is a buzz, interest in market for LIC IPO; we will be going ahead with it: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday said that there was a buzz and interest on the public issue of the Life Insurance Corporation of India (LIC).

There is a buzz, interest in market for LIC IPO; we will be going ahead with it: FM Nirmala Sitharaman
There is a buzz, interest in market for LIC IPO; we will be going ahead with it: FM Nirmala Sitharaman. PIB pic.

Union Finance Minister Nirmala Sitharaman on Tuesday said that there was a buzz and interest on the public issue of the Life Insurance Corporation of India (LIC) and the government will go ahead with it. The Finance Minister said this on her Post Budget Outreach Press Conference in Mumbai on Tuesday.

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"There is a buzz, interest in market for LIC IPO; we will be going ahead with it: Finance Minister Nirmala Sitharaman," news agency PTI tweeted from its official Twitter handle.

 

Today at the press conference, the Union Finance Minister said, "The monetization of national assets will add a lot to the cost of infrastructure, and from April 1, 2022, a more definite picture will emerge."

 

The LIC IPO which is going to be the country's largest IPO, has filed DRHP with SEBI on February 13, 2022. The issue will be opened for the public in March.

 

While announcing the Union Budget 2022-23, FM Nirmala Sitharaman said that LIC IPO will be crucial in meeting the disinvestment target set by the central government in the fiscal ending in March 2022. The Union Budget last year, set up a disinvestment target of Rs 1.75 lakh crore.

When asked about the rise in the crude oil prices globally, Sitharaman said, "Increasing crude prices a challenge discussed at meeting on financial stability; will keep a watch on it."

 

Coming back to the LIC IPO, as per LIC DRHP, employees and policyholders of the insurance behemoth will get a discount over the floor price. The offer includes not more than 5% reservation for its eligible employees and not more than 10 per cent for its policyholders. LIC policyholders who have one or more than one policy on the DRHP submission date (February 13) shall be eligible for claiming the quota benefit.  

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Written By: ZeeBiz WebTeam
Edited By: Shivendra Kumar
Updated: Tue, Mar 01, 2022
11:57 am
New Delhi , ZeeBiz WebDesk
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