“We are looking at the fourth quarter and work on several fronts is progressing for the (LIC) IPO,” Tuhin Kanta Pandey, secretary, department of investment and public asset management (Dipam) stated.
The government also expects to complete selling state-owned refiner Bharat Petroleum Corp Ltd (BPCL) and national carrier Air India in the current fiscal year that runs through March 2022, he added.
Last month, the Union Cabinet had approved the IPO of LIC, which is set to be the biggest initial public offer ever.
Dipam secretary Pandey said the panel headed by finance minister Nirmala Sitharaman will decide on the exact quantum of share sale. He said the department of financial services was working on fulfilling other requirements for the IPO.
The LIC Act of 1956 has been amended and Pandey said the rules have been notified. He said the draft prospectus for the IPO would also be filed soon. The Dipam secretary said discussions with the stock market regulator was on for complying with other requirements for the IPO.
LIC is the biggest insurer in the country and is wholly owned by the government.
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