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LIC IPO likely to be shifted to next Financial year as govt to reassess timing amid Russia-Ukraine war: Report
LIC IPO | Russia-Ukraine War

LIC IPO likely to be shifted to next Financial year as govt to reassess timing amid Russia-Ukraine war: Report

| @indiablooms | 02 Mar 2022, 01:37 am

The initial public offering of state-run insurance behemoth Life Insurance Corporation of India (LIC) can be pushed to the next financial year, media reports said, noting that the government is likely to hold a meeting to reassess the IPO timing amid the Russia-Ukraine war.

A CNBC TV18 report said quoting a government official with the knowledge of the matter that the meeting for a likely reassessment is expected to be held this week.

Finance Minister Nirmala Sitharaman had told Hindu Business Line in an interview that the emerging global situation may warrant a relook at the IPO timing.

The draft red-herring prospectus for the LIC IPO was released on February 13.

LIC said it would offer 316.25 million shares or nearly 5 percent held in the insurance sector behemoth by the Centre.

The military conflict between Russia and Ukraine has sent shockwaves to markets across the globe. The United States, European Union, and the UK have imposed a host of sanctions on Russia, which are feared to deepen the crisis, with the commodities market first to be adversely hit. 
Crude oil prices have surpassed $100, and Goldman Sachs has increased its one-month Brent forecast to $115.

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