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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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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe

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The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.

Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.

An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.

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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations

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The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.

According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.

The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.

Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.

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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election

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The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.

Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.

Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.

As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.

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