New Delhi: This center aims to register the insurance giant managed by the state in the last quarter of the financial year and banker traders will soon be appointed, a top official said on Tuesday.
“We saw the fourth quarter and worked in several fronts that developed for IPO,” Tuhin Kanta Pandey, Secretary, the Department of Investment and Management of Public Assets (Depam) to TII.
Last week, the Union cabinet approved the IPO from LIC, which was arranged as the biggest and some estimates showed that he could collect RS 90,000 Crore to Crore Rs 1 Lakh, handing over revenue that is needed to the government against the background of the Covid pandemic.
Pandey said the panel led by Finance Minister Nirmala Sitharaman would decide quantum from the right sale of shares.
He said the finance service department worked to meet other requirements for the IPO.
The LIC Act of 1956 has been changed and Pandey said the rules have been notified.
He said the design of the prospectus for the IPO would also be submitted immediately.
Dipa Secretary said discussions with stock market regulators to comply with other requirements for the IPO.
The government aims to register LAC with Q4 from FY22: Secretary DIPA
