Categories
Delhi News

ECGC IPO likely to hit market in fourth quarter of FY23: CMD


ECGC Ltd’s Chairman-cum-Managing Director (CMD) M Senthilnathan on Tuesday said the listing of the export credit agency on the stock exchange is likely to happen in the last quarter of the current fiscal.

Last year, the government had said that it would start the process to list the state-owned entity soon, and the Initial Public Offering (IPO) would hit the market during the next financial year.

According to Senthilnathan, the Department of Investment and Public Asset Management (DIPAM) had mentioned that the listing of ECGC will happen after the IPO of Life Insurance Corporation of India (LIC).

“The initial review of ECGC has been done by DIPAM and the next direction is expected from them. Initially, we were told that the listing will happen somewhere around the last quarter of the current financial year. So, I think they will be on time,” Senthilnathan told reporters.

ECGC Ltd is a wholly-owned central public sector enterprise set up with the objective of improving the competitiveness of exporters by providing them credit risk insurance and related services for exports.

The state-owned entity on Tuesday introduced a new scheme to provide enhanced export credit risk insurance cover to the extent of 90 per cent to support small exporters under the Export Credit Insurance for Banks Whole Turnover Packaging Credit and Post Shipment (ECIB-WTPC & PS).

The scheme is expected to benefit a number of small-scale exporters availing of export credit with banks which hold the ECGC WT-ECIB covers. It will enable the small exporters to explore new markets/new buyers and diversify their existing product portfolio competitively.

“We expect this to bring up the percentage of accounts with up to Rs 20 crore, thereby lending further stability to the ECGC portfolio,” Senthilnathan said.

“By giving 90 per cent cover to banks, we expect more small companies to get export credit from banks, benefiting these industries greatly. We expect banks to provide more concessions. The net effect will be a benefit to exporters, involving reduction in interest rate,” he said.

This new scheme will enable the banks holding ECGC’s WT-ECIB cover to explore the possibility of reducing interest rates further.

The enhanced cover percentage shall be made available to State Bank of India as per the previous year’s premium rate in view of its favourable claim premium ratio, a release said.

However, for other banks there may be a moderate increase in the prevailing premium rates, it said.

The enhanced cover shall be available for manufacturer-exporters availing fund-based export credit working capital limit up to Rs 20 crore, excluding the gems, jewellery and diamond sector and merchant exporters, the release said.





Source link

For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here

Categories
Delhi News

IPO-Bound LIC Appoints 6 Independent Directors On Board


LIC last month appointed six independent directors on its board

New Delhi:

Ahead of its initial public offering (IPO), Life Insurance Corporation (LIC) last month appointed six independent directors on its board to meet regulatory norms of corporate governance.

LIC appointed former financial services secretary Anjuly Chib Duggal, ex- Securities Exchange Board of India (SEBI) member G Mahalingam and former SBI Life managing director Sanjeev Nautiyal, sources said.

Besides, chartered accountant MP Vijay Kumar, Raj Kamal, and V S Parthasarathy have also been roped in as independent directors on LIC’s board.

With these appointments, the total number of independent directors goes up to nine and all vacancies are filled.

Fulfilling corporate governance norms is an important element for filing Draft Red Herring Prospectus (DRHP) with the SEBI.

The central government is expected to file draft papers for the mega initial public offering of LIC with market regulator Sebi by this week, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey had said.

The embedded value of LIC has been arrived at and it is over Rs 5 lakh crore. The size of the issue would be mentioned in the DRHP.

The issue, after approval of SEBI, is likely to hit the market in March, Mr Pandey said.

Up to 10 per cent of the LIC IPO issue size would be reserved for policyholders.

LIC’s listing is crucial for the government to meet the lowered revenue estimates of Rs 78,000 crore for the current financial year.

Till now, the Centre has raised around Rs 12,000 crore from privatisation of Air India and stake sale in other PSUs.

To facilitate smooth listing of the insurance behemoth, the government last week extended the tenure of LIC chairman M R Kumar for one year.

Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for 12 months.

This is the second extension for the LIC chairman. Last year in June, he was given a nine-month extension in a view of LIC’s proposed initial public offering towards the end of the current financial year. 



Source link

For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here

Categories
Delhi News

Ground-handling arm of Air India to be monetised first: DIPAM Secy


In a Q&A, Tuhin Kanta Pandey says govt has started initial investor outreach for the LIC IPO, and investment bankers are working on a strategy

Topics
Dipam | Air India | LIC



Nikunj Ohri  | 
New Delhi 

The government has started the preliminary investor outreach for the initial public offering of Life Insurance Corporation of India (LIC), and investment bankers are working on a strategy, DIPAM Secretary Tuhin Kanta Pandey told Nikunj Ohri in an interview.

The government will soon finalise the foreign investment limit for insurer which could be less than 25 per cent. Besides Bharat Petroleum Corporation (BPCL), privatisation of BEML, Shipping Corporation of India, Nilachal Ispat Nigam, Pawan Hans and Central Electronics is being targeted for completion in the current financial …




MONTHLY STAR

Business Standard Digital


Business Standard Digital Monthly Subscription

Complete access to the premium product

Convenient – Pay as you go

Pay using Amex/Master/VISA Credit Cards and VISA Debit Cards Only

Auto renewed (subject to your card issuer’s permission)

Cancel any time in the future

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.


Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal.
    We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action.
    Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART ANNUAL

Business Standard Digital
Subscribe Now and get 12 months Free


Business Standard Premium Digital – 12 Months + 12 Months Free

Subscribe for 12 months and get 12 months free.

Single Seamless Sign-up to Business Standard Digital

Convenient – Once a year payment

Pay using an instrument of your choice -all Credit and Debit Cards, Net Banking, Payment Wallets, and UPI

Exclusive Invite to select Business Standard events

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that
    industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • The monthly duration product is an auto renewal based product. Once subscribed, subject to your card issuer’s permission we will charge your card/ payment instrument each month automatically and renew your subscription.
  • In the Annual duration product we offer both an auto renewal based product and a non auto renewal based product.
  • We do not Refund.
  • No Questions asked Cancellation Policy.
  • You can cancel future renewals anytime including immediately upon subscribing but 48 hours before your next renewal date.
  • Subject to the above, self cancel by visiting the “Manage My Account“ section after signing in OR Send an email request to assist@bsmail.in from your registered email address and by quoting your mobile number.


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



First Published: Mon, October 11 2021. 19:24 IST





Source link

For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here

Categories
Delhi News

LIC IPO: DIPAM shortlists Cyril Amarchand Mangaldas as legal advisor


The listing of LIC will be crucial for the government in meeting its disinvestment target of ₹1.75 lakh crore for 2021-22 (April-March)

The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India’s largest insurance company LIC, an official said.

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.

Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.

DIPAM had first floated RFP on July 15 inviting bids from legal advisors for the mega IPO and the last date for bidding was August 6.

However, the RFP did not receive sufficient response. Following that, on September 2, it issued a fresh RFP and set September 16 as last date for bidding.

Those put in bids made presentation before DIPAM on September 24. Ten merchant bankers have already been selected for managing the IPO, touted to be the largest in country’s history. The selected names include Goldman Sachs Group Inc, JPMorgan Chase & Co, ICICI Securities Ltd, Kotak Mahindra Capital Co, JM Financial Ltd, Citigroup Inc and Nomura Holdings Inc.

The government aims to come out with the IPO and subsequent listing of Life Insurance Corporation on the bourses in the January-March quarter of 2022.

The government is also mulling allowing foreign investors to pick up stakes in country’s largest insurer LIC.

As per SEBI rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer.

However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with SEBI norms regarding foreign investor participation.

The Cabinet Committee on Economic Affairs had in July cleared the initial public offering proposal of Life Insurance Corp of India.

The ministerial panel known as the Alternative Mechanism on Strategic Disinvestment will now decide on the quantum of stake to be divested by the government.

“The potential size of the IPO is expected to be far larger than any precedent in Indian markets,” the department had said.

The listing of LIC will be crucial for the government in meeting its disinvestment target of ₹1.75 lakh crore for 2021-22 (April-March). So far this fiscal, ₹9,110 crore has been mopped up through minority stake sales in PSU and sale of SUUTI stake in Axis Bank.



Source link

For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here

Categories
Delhi News

8 law firms in race to advise on sale of govt’s 45.48% stake in IDBI Bank



About eight are in the race to advise the government in the strategic disinvestment of


These will make a presentation before the Inter-Ministerial Group (IMG) chaired by DIPAM Secretary on Wednesday, and one firm would be selected as the legal advisor.





The that are in the race include Crawford Bayley, L&L Partners, Link Legal, S&R Associates, Saraf and Partners, S&G Partners, Surana & Surana and Trilegal.


The government is looking to sell its 45.48 per cent shareholding in Life Insurance Corporation of India (LIC), which owns 49.24 per cent, will also offload its stake to transfer management control to the new buyer.


The government is seeking to appoint a legal advisor who will review and advise on all legal contracts, including titles of property assets, intellectual property rights, loan agreements, and contracts with employees. They would also advise the government on the regulatory norms, and assist in obtaining approval and exemptions from all applicable regulatory agencies including Securities and Exchange Board of India (Sebi), the Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI). Legal advisors had to submit their bids to Department of Investment and Public Asset Management (DIPAM) by July 22.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here