New Delhi: The central government has shortlisted Cyril Amarchand Mangaldas for offering legal advice on upcoming mega IPO of India’s largest insurance company. Secondly, Chief Economic Adviser Krishnamurthy Subramanian exuded confidence that the LIC IPO will hit the market by the “fourth quarter of this year”.
LIC IPO Date 2021 News
Chief Economic Adviser Krishnamurthy Subramanian said on Saturday that Budget 2021 has Rs 1.75 lakh crore as the ‘proceeds’ from ‘privatisation’. He said that authorities were confident that LIC’s listing should take place by the fourth quarter of this year.
Meanwhile, four law firms — Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co — had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24, as per a PTI report.
Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC).
The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March). So far this fiscal, Rs 9,110 crore has been mopped up through minority stake sales in PSU and sale of SUUTI stake in Axis Bank, as per the PTI report.
Fundraising through IPOs is expected to go up in October to November period, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, PTI reported quoting merchant banking sources.