LIC IPO Date Cleared, The Government Will Earn Rs 1 Lakh Crore

LIC IPO date cleared, the government will earn Rs 1 lakh crore. The Mega IPO of Life Insurance Corporation of India (LIC) will come by the end of this financial year.

Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) of the Central Government told that the plan to bring this IPO is going on.

Media speculation regarding the viability of LIC IPO in this financial year is not correct and it is reiterated that IPO is being planned by the last quarter of this financial year, he tweeted.

IPO is expected to be the biggest in India.

This IPO is expected to be the biggest in India and the government is expected to get one lakh crore rupees from it.

Significantly, in the Union Budget 2021-2022, the government has taken several legislative and executive steps for this mega IPO.

LIC IPO date cleared: LIC was established in 1956.

LIC is a statutory corporation, which was established under the LIC Act 1956 and is the leading life insurance company in the country wholly owned by the Central Government.

It has three branches outside India which are in UK, Fiji, and Mauritius. A unit in Singapore and JV in other countries including Bangladesh.

LIC also has wholly-owned subsidiaries in Singapore and joint ventures in Bahrain, Kenya, Sri Lanka, Nepal, Saudi Arabia, and Bangladesh.

Its subsidiaries in India are LIC Pension Fund Limited and LIC Card Services Limited. Its associates include IDBI Bank Ltd., LIC Mutual Fund, and LIC Housing Finance Ltd.

Snapdeal is also bringing IPO, know what are the details in the documents deposited with SEBI.

E-commerce company Snapdeal has applied to markets regulator SEBI for raising capital through an initial public offering (IPO).

According to the draft red herring prospectus (DRHP), the IPO comprises a fresh issue of Rs 1,250 crore and an offer for sale of 3.07 crore equity shares.

The company is bringing the issue under the offer for sale. The existing shareholders of Snapdeal will sell their partial stake in OFS.

In this sale, along with SoftBank, 7 more shareholders will sell their stake. In this offer for sale, 8 percent of the pre-offer equity share capital of the company as a whole will be sold.

The proceeds from the issue will be used for the expansion of the company’s business.