LIC DRHP | SEBI
The Securities Exchange Board of India (SEBI) has given its nod to the state-owned insurance behemoth LIC's (Life Insurance Corporation of India) Draft Red Herring Prospectus (DRHP), media reports said.
According to the DRHP, the government will sell 31 crore equity shares of LIC. A part of the issue is reserved for the anchor investors while at least 10 percent is reserved for the anchor investors.
The government is looking to raise Rs 63,000 crore to meet the disinvestment target of Rs 78,000 crore by way of selling 5 percent stake in the life insurance firm.
In the IPO, the government is making an offer for sale and there will not be a fresh issue of shares.
The government holds a 100 percent stake or over 632.49 crore shares in LIC.
The face value of shares is Rs 10 apiece.
LIC IPO will be the biggest in the history of Indian stock market and once listed and its market valuation will be at par with those of RIL and TCS.
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