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On March 11 LIC is expected to undertake an initial public offering (IPO)

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Three sources with direct knowledge of the subject told Reuters that India’s state-run Life Insurance Corp (LIC) will begin a public offering of shares on March 11 for anchor investors, which is expected to be the country’s largest yet at $8 billion.

Other investors would be able to bid on the book after a few days, according to the sources.

BAND OF LIC IPO PRICES

The LIC IPO is anticipated to receive regulatory approval by the first week of March, after which an indicative marketing price band would be created, according to the sources, who declined to be identified since the deal discussions are confidential.

LIC did not respond to a request for comment. A Reuters request for comment was not immediately returned by a representative for the finance ministry.

INDIA’S MAJOR INITIAL PUBLIC OFFERING

The IPO of the insurer will be a test of the depth of India’s financial markets, where equity deals for more than a few billion dollars are uncommon. Last year, payments company Paytm had the largest IPO to date, valued at $2.5 billion.

Investor demand for new stock offerings has been dampened by LIC’s offering, with several Indian businesses that floated last year trading below offer prices due to concerns about high valuations and impending interest rate hikes by central banks.

According to the sources, the IPO debut date may vary, but the issuer is currently trying to meet those deadlines.

DETAILS OF THE LIC INITIAL PUBLIC OFFERING

On Sunday, LIC, India’s largest insurance business, submitted a draught IPO prospectus with the stock exchange regulator, proposing to sell 5% of the Indian government’s holding to raise roughly $8 billion.

LIC could begin offering public shares by mid-March, according to sources who spoke to Reuters last month. They didn’t go into detail.

The government is rushing to complete the IPO by the end of March to achieve its 6.4 per cent of GDP budget deficit target for 2021/22, which is predicated on generating roughly 600 billion Indian rupees ($8.03 billion) from the offering.

New Delhi cut its divestment and privatisation ambitions for the fiscal year ending March 31 from 1.75 trillion rupees to 780 billion rupees.

It has only raised 120 billion rupees so far by selling stakes in state-run enterprises such as Bharat Petroleum Corp Ltd and two banks.

Investor roadshows for the sale, which is expected to be the world’s third-largest insurance IPO at $8 billion, began earlier this week, according to two sources.

The deal’s book-running lead managers include SBI Caps, Citigroup, Nomura, JPMorgan, Goldman Sachs, and five additional domestic and foreign investment banks.

According to fund managers and experts, LIC’s imminent initial public offering has hammered shares in other listed Indian insurers as investors decrease their holdings to make place for the state-owned giant.

With over 280 million policies, the 66-year-old firm leads India’s insurance sector. In 2020, the most recent year for which statistics are available, it was the fifth-largest worldwide insurer in terms of insurance premium collection.

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Online Gaming Addiction Leaves Navi Mumbai Man Claiming Rs 2.5 Crore Loss

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Jayesh Pawar alleges massive financial losses and urges authorities to act against gaming platforms.

The Addiction

The growing popularity of online gaming for quick money is raising concerns in Navi Mumbai, with one resident claiming that he lost around Rs 2.5 crore after becoming trapped in the cycle of online gaming.

Navi Mumbai resident Jayesh Pawar has approached the authorities seeking action, alleging that he suffered huge financial losses through online gaming platforms. He also claimed that he lost around Rs 35 lakh at one stage while trying to recover earlier losses.

According to Pawar, the problem often begins with small bets. Initial wins can create confidence, encouraging players to invest larger amounts. Once losses begin, players may put in even more money in the hope of recovering what they have already lost.

Pawar claimed that he is not the only person facing such difficulties. He said several young people have reportedly lost lakhs and even crores through online gaming. Some, he alleged, borrowed money or sold property to continue playing.

The issue has also raised concerns about the wider impact of gaming addiction, including financial stress and problems within families. Pawar has urged the authorities to investigate such platforms and take appropriate action. His case has highlighted the need for greater awareness about the risks of chasing quick profits through online gaming.

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NMMC Conducts 60 Camps to Raise Awareness on Malaria and Dengue

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Health teams educate thousands of devotees on preventing mosquito-borne diseases.

The Awareness

The Navi Mumbai Municipal Corporation (NMMC) organised 60 awareness camps across the city during the month of Shravan to educate citizens about malaria and dengue prevention.

The camps were held at various Shiva temples on Mondays, where health officials interacted with devotees and explained how mosquito-borne diseases spread. Around 20,440 people visited the camps and received information on preventing mosquito breeding around their homes and neighbourhoods.

Officials also displayed mosquito larvae and explained how stagnant water can quickly become a breeding ground. Residents were advised to regularly empty and clean water containers, keep tanks and drums covered and ensure that water does not collect on rooftops, plastic sheets, old tyres or scrap materials. Health officials also urged citizens not to ignore fever and to seek medical advice promptly if symptoms develop.

NMMC Commissioner Dr Kailas Shinde has been reviewing the civic body’s efforts to control malaria and dengue. Special attention is being given to construction sites, where builders have been asked to maintain cleanliness, update labour records and carry out regular pest-control measures.

The civic body has appealed to residents to take simple precautions and keep their surroundings clean. Officials said that preventing stagnant water and mosquito breeding is a shared responsibility and that public cooperation is essential to keeping Navi Mumbai healthy and safe.

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MLA Manda Mhatre Calls for Stronger Steps to Make Navi Mumbai Safer

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MLA urges police to crack down on drugs, improve women’s safety and tackle traffic issues.

The Preventive Measure

Navi Mumbai MLA Manda Mhatre has urged the police to take stronger measures to make the city safer and free from drugs. She raised several public safety concerns during a meeting with Police Commissioner Milind Bharambe on September 7.

Mhatre stressed the need for greater surveillance around schools and colleges to protect youngsters from drug abuse. She also called for strict action against drug dealers and their supply networks and suggested setting up special flying squads to tackle drug trafficking.

The MLA also highlighted the pressure faced by police personnel. She requested counselling and regular health check-ups for officers and staff, particularly following recent cases of police suicides.

With several major festivals approaching, MLA Mhatre asked the police to ensure that rules on DJs and loudspeakers are followed. She said excessive noise can cause difficulties for senior citizens, patients and children. Women and senior citizens were another key concern. Mhatre sought increased police patrolling at railway and bus stations, educational institutions and other sensitive locations.

Traffic congestion and illegal parking were also discussed. She urged better coordination between the police and civic authorities to address encroachments and improve traffic movement across Navi Mumbai. The meeting focused on making the city safer, better managed and more comfortable for residents.

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