New Delhi: A total of 16 merchant bankers are in a race to manage the initial Public Offering of LIC – which is said to be the largest share sale in the history of the country.
These bankers will make a presentation before the Department of Investment and Public Asset Management (Depam) spread more than 2 days – August 24 and 25.
Seven international bankers, including BNP Paribas, Citigroup Global Markets India and DSP Merrill Lynch Ltd (now known as securities Bofa), will make a presentation on Tuesday, according to Circular by Dipam.
Other bankers who will make a presentation on Tuesday is – Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), JP Morgan India, Nomura Financial Advisory and Securities (India).
On Wednesday, nine domestic bankers will make a presentation before the Official Dipam, which manages the sale of government shares in LIC.
These bankers will include AXIS Capital Ltd, Dam Capital Advisors Ltd., HDFC Bank Ltd, ICICI Securities Ltd.
IIFL SECURITIES LTD Other bankers make a presentation on Wednesday will – JM Financial Ltd, Box Mahindra Capital Co.
Ltd, SBI Capital Market Ltd., and Ya Securities India Ltd.
Dipam on July 15 which was invited by the application for the Merchant banker appointment for LIC IPO, looking to designate Up to 10 books running the main manager to handle initial offerings as teams.
The last date for offers is August 5.
The Cabinet Committee on economic affairs has been cleaning up the Indian life insurance proposal proposal.
The minister panel is known as an alternative mechanism in strategic disinvestment will now decide quantum interests that will be divested by the government.
“IPO potential measures are expected to be far greater than the precedent in the Indian market,” the department said.
The previous government has referred to an actuarial company as an Indian LLP Milliman Advisor to assess the value of LIC embedded ahead of the initial public offering.
Deloitte and SBI caps have been appointed as the Pre-IPO transaction advisor.
LIC lists will be very important for the government in meeting the consensible target of Rs 1.75 lakh crore for 2021-22 (April-March).
So far this fiscal, RS 8,368 Crore has been beaten through the sale of minority shares in PSU and sales of Suti shares on the bank’s axis.