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LIC IPO likely cleared by Cabinet Committee on Economic Affairs July 12 2021LIC IPO , lic ipo date, LIC IPO opening date

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The Cabinet Committee on Economic Affairs (CCEA) has likely cleared the Life Insurance Corporation''s (LIC) initial public offering (IPO) proposal. According to the report, the government intends to float LIC on stock exchanges by March of FY22.

The ministerial panel will decide on the finer points, such as pricing and the amount of stake to be divested by the government. In May, the Cabinet approved the strategic sale of the government''s and Life Insurance Corporation''s (LIC) whole stakes in IDBI Bank Ltd.

As part of the ambitious Rs 1.75 lakh crore disinvestment strategy, Finance Minister Nirmala Sitharaman announced in her Budget Speech 2021 that the LIC Initial Public Offer (IPO) would be launched in 2021-22.

According to a PTI report released ahead of the IPO, LIC''s stake in IDBI Bank would be sold along with the government''s stake in the lender''s disinvestment, but the actual amount of stake dilution has still to be determined, according to the Department of Investment and Public Asset Management (DIPAM).

More than 94 percent equity of IDBI Bank is owned by the central government and the Life Insurance Corporation of India (LIC). LIC owns 49.24 percent stake in the company, while the government of India owns 45.48 percent. 5.29 percent of shares are held by non-promoters.

In May, the Cabinet approved the strategic sale of the government''s and Life Insurance Corporation''s (LIC) whole stakes in IDBI Bank Ltd.

In the current fiscal year, the government hopes to raise Rs 1.75 lakh crore from minority stake sales and privatization.

One lakh crore will come through the sale of government stakes in public sector banks and financial institutions, while the remaining Rs 75,000 crore will come from Central Public Sector Enterprises (CPSE) disinvestment proceeds.

The sale of government holdings in public sector banks and financial institutions will generate Rs 1 lakh crore, with the remaining Rs 75,000 crore coming from CPSE disinvestment profits.

The LIC Amendment Act was incorporated into the Finance Act, opening the way for the initial public offering. As pre-IPO consultants, Deloitte and SBI Capital have been appointed by the Centre.

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