LIC Sales 2% STake In TIL LTD, Shareholding At 10.199%
Life Insurance Corporation of India sold 2% stake in TIL LTD bringing down its shareholding from 10.199 per cent to 8.076 per cent. The company sold the stakes in TIL for investment purposes. Now, the holding decreased from 10.199 per cent to 8.076 per cent from December 31, 2021 to March 13, 2023 at an average cost of Rs 157.48.
Tags: LIC, Shares, INDIAN MARKET, Company, business
Courtesy: The Free Press Journal
LIC IPO Subscribed 2.9 Times, Receives Bids For Over 47 Crore Equity Shares
After the last day bidding, Life Insurance Corporation's Initial Public Offering (IPO) has been subscribed 2.9 times, on May 9. Reportedly, bids have been received for over 47 crore equity shares, against the 16.2 crore equity shares offered for sale. Notably, policyholders bought shares for a discount of Rs 60 per equity share, while the discount was Rs 45 per equity share for retail investors and employees.
Tags: LIC, IPO, Equity shares, Company Law, Shareholder
LIC Raises Crores From Anchor Investors
Insurance giant LIC has raised Rs 5,000 crores from anchor investors. This comes ahead of its IPO. The LIC has allotted around 59.3 million shares to as many as 123 investors at the price of Rs 949 each. Domestic investors like SBI Mutual Fund, ICICI Prudential, Kotak Mahindra Life Insurance, Bajaj Allianz General Insurance and others have expressed interest in the LIC.
Tags: business, LIC, IPO, Insurance, Investment
Courtesy: Money Control
LIC Announces IPO Launch Date, Timelines & More
At the LIC press conference held today, the company's IPO launch date, timelines, etc, were finalised. The much-anticipated IPO of the insurance giant would finally open on May 2. Based upon the demand and subscription, the government may choose to raise the stake offer to 5%. If that happens, the state's coffer would attain Rs 30,000 crores from the sale of the equity.
Tags: LIC, IPO, Launch, business, Insurance
Centre Tweaks FEMA To Permit 20% FDI In LIC
The Central Government has tweaked the Foreign Exchange Management Act (FEMA) rules to allow as much as 20% foreign direct investment (FDI) in the LIC. The government is mulling over plans to dilute its stake in the insurance company via the Initial Public Offering (IPO). Earlier in February this year, the LIC had filed the Draft Red Herring Prospectus (DRHP) before the Sebi for the Initial Public Offering.
Tags: Economy, LIC, IPO, SEBI, business
Courtesy: Zee News
SEBI Provides Market Approval For IPO To LIC India
Life Insurance Corporation Of India (LIC) finally gets their Initial Public Offer (IPO) approval from the Securities and Exchange Board of India (SEBI). This is fastest market approval given for IPO, in just 22 days, after the filing of the IPO draft by LIC. With this, LIC is going to put forward 31.62 crore equity shares under offer for sale (OFS) holding 5% of LIC equity shares.
Tags: LIC, Market regulator, SEBI, Life insurance, Life Insurance Corporation
LIC Appoints Sunil Agrawal As CFO Ahead Of Expected Mega IPO
Life Insurance Corp. of India has appointed Sunil Agrawal, an outsider, as the chief financial officer (CFO). Notably, before LIC, Agrawal was the CFO of Reliance Nippon Life Insurance and was also associated with ICICI Life Insurance. Furthermore, Sunil has been appointed for a tenure of three-years, at renumeration of Rs 75 lakh per annum. Notably, the appointment came ahead of the LIC's decision of going public in March.
Tags: business, India, LIC, Sunil Agrawal, new CFO
Courtesy: Zee News
Life Insurance Corporation To Soon Open Largest IPO In India; Get Details Here
Indian government's Life Insurance Corporation (LIC) will sell 5% of its stake in 316.25 million shares, in the initial public offering. In addition, The company could become India’s most valuable listed company after listing on the stock exchanges. Also, policyholders and employees may get a discount compared to the price offered to the public. Notably, LIC possesses a total equity base of 6.32 billion shares.
Tags: business, India, LIC, SEBI, IPO
Courtesy: The Indian Express
Govt Likely To Defer LIC's IPO For Next Financial Year
The government may defer the announcement of Life Insurance Corporation's (LIC) initial public offering (IPO) in the current financial year ending March 2022. Reportedly, there are lots of preparatory work pending and the valuation of the state-owned life insurer will also take more time. Following the valuation, regulatory processes will start so it is unlikely that the IPO will take before the year ends, reported Business Today… read-more
Tags: LIC, IPO, FY22, SEBI, IRDAI
Courtesy: Business Today
Cyril Amarchand Mangaldas To Be The New Legal Advisor Of LIC IPO
The Department of Investment and Public Asset Management (DIPAM) has selected Cyril Amarchand Mangaldas for the role of legal advisor in IPO offer of LIC on September 26. Following the applications rolled out on July 15, the decision was made after four law firms showed interest. Firms including Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co presented their ideas to the board.
Tags: Life insurance, LIC, DIPAM, IPOs, GOLDMAN SACHS