Fin Min invites bids for advising it on the proposed initial public offer of LIC
Published On: Friday, June 19, 2020 | By: Team KnowMyStock
The Finance Ministry today (19th June 2020) Kick-started the process of LIC disinvestment, by inviting bids from consulting firms, investment bankers, and financial institutions for advising it on the proposed initial public offer. The government proposes to engage up to two pre-IPO transaction advisors, for assisting the Department of Investment and Public Asset Management (DIPAM) in the preparatory processes leading to the Initial Public Offer (IPO) of Life Insurance Corporation of India (LICI), tipped to be the largest ever in the country. The advisors can submit their bids from today till July 13, 2020. The bids would be opened by DIPAM on July 14.
The advisor would ensure preparatory aspects of the proposed IPO and would, advise and assist the government on modalities of IPO and the timing; structuring the transaction; organizing non-deal roadshows, suggesting measures to fetch optimum value; positioning of the minority sale, among others.
The government is looking at listing the country's largest life insurer on domestic bourses in the January-March quarter of current fiscal.
The IPO of LIC would contribute a huge chunk to the government's budgeted disinvestment kitty of Rs 2.10 lakh crore this fiscal.So far this fiscal, the government has not been able to sell stake in any central public sector enterprises (CPSE) as coronavirus outbreak has impacted equity markets.
Tags: LIC IPO disinvestment
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