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LIC gets SEBI’s nod for releasing India’s biggest IPO

Life Insurance Corporation of India is all set to release its biggest Initial Public Offering.

The news: The Securities and Exchange Board of India (SEBI) on Tuesday approved the initial public offering of LIC, making ways for the government to launch the issue through which it plans to raise around Rs 60,000 crore.

  • LIC had filed a draft red herring prospectus (DRHP) with SEBI in February. The government was expecting to garner Rs 63,000 crore by offloading a five per cent stake in the life insurance company to meet its curtailed disinvestment target of Rs 78,000 crore in the current fiscal.
  • Sebi’s approval comes after reports that the initial share sale would be postponed until the following fiscal year due to market volatility caused by the Ukraine crisis.
  • The government has 100 per cent stake in LIC. The listing of LIC is poised to be India’s biggest IPO till date.

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