Wednesday, July 6, 2022
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home IPOs

LIC IPO: LIC chief’s term extended to shepherd largest IPO

MtR by MtR
June 10, 2021
in IPOs
0
LIC IPO: LIC chief’s term extended to shepherd largest IPO


Mumbai: The government Wednesday extended the tenure of Life Insurance Corporation of India (LIC) chairman MR Kumar by another nine months, until March 2022, to ensure the smooth of the insurer’s proposed initial public offering that would be the largest ever in the country.

The stake sale is crucial for the Narendra Modi government to showcase its commitment to monetise assets and at the same time raise resources when state spending is surging due to the Covid-19 related strain on the economy.

Related articles

Annapurna Swadisht Ipo In August | Kolkata News

July 6, 2022

Nano Labs Plans IPO of 1.77M ADSs

July 5, 2022

The Appointments Committee of the Cabinet on Wednesday approved the extension of Kumar’s tenure, which was set to end this month.

“The oversight and leadership of the current LIC chairman are seen as crucial to the continuity of the ongoing IPO process,” said a source.

The IPO of LIC is crucial for the government to achieve its divestment target of Rs 1.75 lakh crore in FY22 as announced in the budget by finance minister Nirmala Sitharaman. With Kumar at the helm, India’s largest life insurer is currently in the process of calculating its embedded value, a critical element in arriving at a valuation.

An insurance industry veteran, Kumar has been a LIC employee for nearly four decades. He joined the life insurer as a district recruitment officer in 1983, following which he has headed three different zones.

During the worst year for businesses, LIC had a bumper fiscal year with the highest ever profits in equities at ?36,903 crore, up from ?25,624 crore. It settled 2.19 crore maturity claims valued at ?1.28 lakh crore and death claims for 9.31 lakh policies at ?18,794 crore. It collected the highest ever new business premium of ?1.84 lakh crore in FY21, as per provisional data.

With the fresh extension, Kumar’s tenure as chairman of LIC would be for three years since his appointment on March 13, 2019.

Analysts estimate that the life insurer could be valued at up to ?10 lakh crore. The government in its Money Bill in the budget session made 27 amendments to the LIC Act to facilitate the IPO process.

“It (FY22) is very much possible. The point is that it is going to be big and we want to get it right. Since we have not done this exercise before, we are not able to put a timeline to it,” Kumar told ET in an interview early this year when asked about the timeline for the IPO. “We are working on it and the process itself is more important as we need to get the valuation correct; then we can see the depth of the Indian market.”



Source link

Related Posts

Annapurna Swadisht Ipo In August | Kolkata News

by MtR
July 6, 2022
0

Kolkata: City-based Annapurna Swadisht, maker of packaged snacks, food and beverages, is planning to tap capital market with an initial...

Nano Labs Plans IPO of 1.77M ADSs

by MtR
July 5, 2022
0

By Stephen Nakrosis Nano Labs Ltd., a fabless integrated circuit design company in China, said it planned to offer 1.77...

EU set to overhaul listing rules as competition for tech IPOs intensifies

by MtR
July 5, 2022
0

Tuesday 05 July 2022 9:00 am The EU is eyeing changes to its listing rules to boost deeptech IPOs The...

Northvolt raises US$1.1bn in ‘cautious capital market’ as IPO looms

by MtR
July 5, 2022
0

Inside one of Northvolt’s laboratories. Image: Northvolt. Northvolt has raised US$1.1 billion in new capital ahead of a potential IPO...

EU set to ease IPO rules to lure $65.6 billion in deep-tech funding

by MtR
July 5, 2022
0

BRUSSELS (BLOOMBERG) - The European Union wants to increase the number of deep-tech start-ups in Europe by attracting €45 billion...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
Fed tapering and emerging markets

Fed tapering and emerging markets

June 7, 2021
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Paytm Money moves direct mutual fund investors to BSE star exchange

July 6, 2022

ETF investors reduce credit risk as recession fears spike

July 6, 2022

Bonds and ETFs find favour on NZX in June

July 6, 2022

RBA rate lift causes shift in commodity prices

July 6, 2022

Recent News

Paytm Money moves direct mutual fund investors to BSE star exchange

July 6, 2022

ETF investors reduce credit risk as recession fears spike

July 6, 2022

Bonds and ETFs find favour on NZX in June

July 6, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter