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Life Insurance Corporation of India IPO only after 3 other PSU selloffs

The federal government is trying to full not less than three public sector disinvestment transactions earlier than rolling out the mega preliminary public provide (IPO) of Life Insurance coverage Company of India early subsequent yr, a finance ministry official stated.

At the very least three corporations – Nationwide Fertilisers Ltd, Mishra Dhatu Nigam Ltd and Rashtriya Chemical & Fertilizers Ltd – will probably be divested by means of provide on sale, or OFS, route inside the subsequent quarter, the official stated.

“We anticipate that the LIC provide ought to hit the markets early subsequent yr, so by that point we should always be capable of full these points as already needed approvals are in place,” he stated.

Earlier this month, the cupboard committee on financial affairs, or CCEA, gave its in-principle approval to record LIC.

A ten% stake sale within the insurer might fetch round ₹1-1.5 lakh crore as per business estimates. The federal government is concurrently pursuing strategic disinvestment in corporations corresponding to Air India and BPCL.

“We anticipate a very good response for these OFS points,” the above-quoted official stated, including that it could additionally launch the preliminary public provide of WAPCOS Limited the place it plans to dump 25% stake.

LIC IPO Only After 3 Other PSU Selloffs

The federal government will disinvest 20% stake in the place it holds 74% stake and can promote 10% every in Rashtriya Chemical & Fertilisers and defence PSU Mishra Dhatu Nigam (Midhani) the place it holds 75% and 74% stakes, respectively, the particular person stated.

Earlier this week, the federal government offered 8% stake in Housing and City Improvement Company Ltd (Hudco) by means of the OFS route. The problem bought subscribed nearly two instances by non-retail traders. To this point on this fiscal, the federal government has garnered ₹7,646 crore by means of minority stake sale, of which ₹3,651 crore was from NMDC OFS and ₹3,994 crore from sale of SUUTI stake in Axis Financial institution.

https://economictimes.indiatimes.com/markets/ipos/fpos/life-insurance-corporation-of-india-ipo-only-after-3-other-psu-selloffs/articleshow/84846456.cms | Life Insurance coverage Company of India IPO solely after 3 different PSU selloffs

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