New Delhi: Up to 10 percent of the issue size of LIC IPO of Life Insurance Corporation of India will be reserved for policy holders. Minister of State for Finance Anurag Thakur said this on Tuesday. The Minister of State for Finance further said that the government will continue to be a majority shareholder in LIC. That is, the ownership of the company will remain with the government. Thakur said that the management control of the company will also remain with the government to protect the interests of the shareholders.
In a written reply to a question in the Rajya Sabha, Thakur said, “In the 2021-22 Finance Bill, it is proposed to share up to 10 per cent of the issue size of LIC IPO to life insurance policy holders of LIC on a competitive basis.”
In the Budget 2021 presented on February 1, Finance Minister Nirmala Sitharaman had said that LIC’s IPO will be launched in the next financial year. The next financial year 2021-22 is going to start from April 1, 2021. Explain that the LIC Amendment Act has been made part of the Finance Bill, which has brought the necessary legislative amendments to launch the IPO of the country’s largest life insurer.
The Department of Investment and Public Asset Management (DIPAM), which manages the government’s stake in state-owned companies, has already selected actuarial firm Milliman Advisors to ascertain the embedded value of LIC. At the same time, Deloitte and SBI Caps have been appointed as Pre IPO Transaction Advisors.
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