Government may issue LIC IPO in 2nd half of 2021
By MYBRANDBOOK
Finance Secretary Rajiv Kumar said that LIC’s (Life Insurance Corporation) IPO (Initial Public Offering) may be launched in the second half of FY21. The launching of LIC’s IPO was announced during the Budget speech on February 1 when Finance Minister Nirmala Sitharaman proposed to sell a part of government stake in the insurance giant.
Kumar said there are a number of processes which have to be followed and would also be required for the listing of LIC.
"We will follow the extant procedure for listing and for other things including the legislative changes it requires in consultation with the Ministry of Law and that process we already started ... listing in the second half of FY21 seems logical," he said.
He also said that some legislative changes are required before the launch.
While answering about the quantum of dilution, Kumar said, it could be 10% but no decision has been taken so far.
Later speaking to media, the finance minister assuaged concerns of policyholders of any breach of sovereign guarantee as ownership stays with the government.
"We have only said an IPO. We have not given complete ownership to somebody," she said.
The government targeting to earn Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank in the next fiscal out of total disinvestment target of Rs 2.10 lakh crore.
The government currently owns 100% in LIC, while it holds around 46.5% stake in IDBI Bank.
LIC has many subsidiaries including IDBI Bank. It acquired controlling stake in IDBI Bank in 2019.
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