India
On March 11 LIC is expected to undertake an initial public offering (IPO)
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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40,000 NMMC School Students Await Uniforms as Contractor Misses Deadline
Navi Mumbai civic body extends delivery deadline to August 15 for Mafatlal Industries, imposing week-by-week financial penalties.
The Deadline
Over 40,000 primary and secondary students enrolled in Navi Mumbai Municipal Corporation (NMMC) civic schools remain without their new uniforms, following significant delays by the designated contractor.
The civic body had awarded a Rs 13.33 crore contract to M/s Mafatlal Industries Limited to supply regular, sports, and Scout/Guide uniforms to 50,550 students ranging from Balwadi to Class 10. Despite receiving the work order on May 8 with a strict delivery deadline of July 15, the contractor managed to supply complete sets to only around 8,000 students by the target date. As a result, thousands of children are currently forced to attend classes in old uniforms or home clothes.
Following show-cause notices issued on July 10 and July 21, the civic administration granted an official extension until August 15. However, the delay comes with financial consequences for the supplier. In accordance with contract terms, NMMC will deduct progressive penalties from the final payment ranging from 0.5% for the first week of delay up to 2.0% for subsequent weeks.
NMMC Deputy Education Commissioner Sanghratna Khillare confirmed that the decision to extend the deadline was taken after high-level discussions with civic authorities, emphasizing that penalty deductions will be strictly enforced as per municipal rules to ensure full delivery before mid-August.
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Deep Potholes Turn Kharghar Stretch into Hazardous Accident Zone
Frustrated residents call out PCMC inaction as hidden craters under waterlogged roads trigger collisions and severe commuter delay.
The Potholes
Growing public outrage has erupted across Kharghar as deep, crater-like potholes and poor drainage have converted key internal corridors into severe accident hazards. Monsoon rains have left several vital stretches particularly those serving Sectors 2 through 36 and connecting high-footfall destinations like Central Park, ISKCON Temple, and the Tata Memorial/ACTREC facility in a state of absolute disrepair.
Submerged under rainwater, the hidden potholes pose an invisible trap for two-wheeler riders and daily commuters. Frequent incidents of motorists skidding, losing balance, and crashing into deep depressions have been reported. The situation is further compounded by heavy commercial vehicles making sudden, erratic maneuvers to dodge the craters, causing minor rear-end collisions and massive traffic bottlenecks during peak commuting hours.
Local residents and civic activists have strongly criticized the Panvel City Municipal Corporation (PCMC) for its inaction. Frustrated tax-paying citizens point out that recurring temporary patch-ups dissolve within weeks of heavy downpours, reflecting a lack of quality control in municipal road maintenance contracts.
Demanding immediate accountability, community members have urged civic authorities to deploy emergency road repair teams, clear clogged storm-water drains, and execute comprehensive quality audits on recent infrastructure works before major casualties occur.
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Pothole-Riddled Highways Threaten Commuters and Airport Route in Navi Mumbai
Despite millions spent on annual maintenance, heavy rains expose crumbling infrastructure across major arteries like Sion-Panvel and Ulwe-Belapur roads.
The Potholes
A wave of public anger has erupted across Navi Mumbai as relentless monsoon rains have turned major highways into dangerous, pothole-riddled stretches. Key routes connecting Mumbai, Thane, Raigad, and the JNPA port are seeing severe traffic bottlenecks and frequent accidents.
The situation is particularly critical along the Ulwe-Belapur road, the primary arterial route for the Navi Mumbai International Airport. Deep craters and heavy waterlogging have made travel hazardous for both domestic and international commuters. The safety risks were highlighted recently when a heavy container truck overturned on the Ulwe-Belapur stretch, causing massive gridlock on both sides of the corridor.
Other vital thoroughfares, including the Sion-Panvel Highway and the Thane-Belapur road, are equally affected. Key flyovers at Kharghar and Turbhe, along with the main entry stretch from Airoli Toll Plaza, have developed large, hidden craters beneath accumulated rainwater. Daily commuters and two-wheeler riders face constant hazards as vehicles lose balance during sudden braking.
Frustrated residents have raised sharp questions over civic accountability, noting that temporary patch-ups wash away annually despite substantial maintenance budgets. Addressing the mounting criticism, National Highways Authority of India (NHAI) officials stated that repair work is currently underway on a war footing, promising long-term, modern road infrastructure upgrades to match the international airport’s requirements.
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