new Delhi. In view of the uncertainty created by the outbreak of Russia-Ukraine war, the government will take any decision regarding the IPO of Life Insurance Corporation of India (LIC IPO) keeping in mind the interests of the investors. Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), said on Friday that the government wants to bring LIC’s IPO in the current financial year itself, but the current situation has become quite dynamic.
The government was preparing to bring it in March 2022 itself, but in view of the turmoil in the stock markets due to the Ukraine crisis, it seems to be reconsidering it.
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Expected to raise more than Rs 60,000 crore
The government is hoping to raise more than Rs 60,000 crore from the disinvestment of its 5 per cent stake in LIC. It has a target of raising Rs 78,000 crore from disinvestment in the financial year 2021-22, from which it is lagging far behind.
What did the DIPAM secretary say?
Pandey said in a seminar organized on the topic ‘Economics of Competition Law, 2022’, “Some unforeseen events are happening at this time. We are keeping a close watch on the market and whatever steps the government will take will be in the interest of the investors and the IPO. The government wants to bring this IPO in the current financial year itself, but with the advent of this crisis, the situation has become very changeable. He said that in such a situation there is a need to be alert and make a strategy accordingly.
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Pandey said that the government is taking the advice of professional consultants in this regard and a decision will be taken keeping in mind the interests of investors and stakeholders. The Secretary of DIPAM said that LIC is not just a strategic investment but a very important event. LIC being a very old organization, its public ownership is also very wide.
Tags: IPO, LIC IPO
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