India’s largest share sale
Government-owned insurer Life Insurance Corporation of India (LIC) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
As per the draft, LIC will offload 316.25 million shares (over 31 crores), an offer representing 5 percent equity.
The IPO is 100 percent offer for sale (OFS) by Government of India and no fresh issue of shares by LIC, said DIPAM secretary Tuhin Kanta Pandey. If approved, it will be listed in March 2022, and will be India's largest share sale.
The embedded value of LIC as of September 30, 2021, stood at Rs 5.4 crore. As of March 2021, the assets under management (AUM) stood at Rs 31 trillion.
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