The Life Insurance Corporation of India on Sunday filed the Draft Red Herring Prospectus (DRHP) with capital markets regulator SEBI.
The insurer is looking to sell the Centre's five per cent equity stake in the company via its upcoming IPO, the DRHP document said. LIC IPO will be entirely an offer for sale (OFS) by the promoter — The government of India.
LIC IPO
The Centre aims to offload a total of 316 million equity shares to investors through the public offering out of the 6.32 billion outstanding shares, the document showed.
The Centre wishes to conclude the IPO by the end of FY22 ending March 31, 2022.
The current fiscal FY22's divestment target was revised to Rs 78,000 crore from the Budget estimates of Rs 1.75 lakh crore and the Centre would like to cash in on the LIC IPO to meet its revised divestment estimate.
(With inputs from IANS)
