Govt mulls allowing FDI in Life Insurance Corporation of India ahead of IPO
3 years, 3 months ago

Govt mulls allowing FDI in Life Insurance Corporation of India ahead of IPO

India TV News  

The government is considering allowing foreign direct investment in Life Insurance Corporation of India ahead of the mega initial public offering. These bankers will include Axis Capital Ltd, DAM Capital Advisors Ltd, HDFC Bank Ltd, ICICI Securities Ltd and IIFL Securities Ltd. Other bankers that made a presentation on Wednesday are JM Financial Ltd, Kotak Mahindra Capital Co Ltd, SBI Capital Market Ltd, and Yes Securities India Ltd. DIPAM had on July 15 invited application for appointment of merchant bankers for LIC IPO, looking to appoint up to 10 Book Running Lead Managers to handle the initial offering as a team. The Cabinet Committee on Economic Affairs had last month cleared the initial public offering proposal of Life Insurance Corp of India. The government had earlier appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the initial public offering.

Securities Ipo Fdi Bankers Life Insurance Corp India Lic Insurance Corporation  securities  ahead  offering  public  capital  mulls  life  govt  fdi  stake  ipo  insurance  corporation  bankers  allowing  india  lic

History of this topic

LIC clarifies on ManipalCigna stake acquisition buzz; here’s what the insurer said
3 weeks, 5 days ago

LIC clarifies on ManipalCigna stake acquisition buzz; here’s what the insurer said

Live Mint  

Stock Market Today: Public sector insurer Life Insurance Corporation of India clarified in an exchange filing on Thursday, November 28, regarding a recent news item about a potential 50% stake acquisition in ManipalCigna Health Insurance. Business daily The Economic Times today reported that Life Insurance Corporation of India is in discussions to acquire a nearly 50% stake in ManipalCigna Health …

India’s insurance reforms: A bold transformation, but not without challenges
1 month ago

India’s insurance reforms: A bold transformation, but not without challenges

Live Mint  

India’s insurance industry, long seen as an underpenetrated yet promising market, is poised for a major transformation with the government’s proposal to permit 100% foreign direct investment in insurance companies and introduce composite licences. The proposed removal of the 74% cap will not only encourage global insurers to enter the market but also provide existing foreign investors the flexibility to …

Insurance reforms 2.0: Indians not required, and other relaxations to lure foreign money
5 months ago

Insurance reforms 2.0: Indians not required, and other relaxations to lure foreign money

Live Mint  

New Delhi/Mumbai: The government is considering another phase of reforms for India’s insurance sector, including a proposal to do away with the mandatory requirement of resident Indian citizens to be on the boards and top management of entities with majority foreign investment. The deliberations aimed at further liberalising foreign investment rules for India’s insurance sector come just three years after …

LIC to enter health insurance? ‘Done some internal groundwork’, exploring acquisition opportunities
6 months, 3 weeks ago

LIC to enter health insurance? ‘Done some internal groundwork’, exploring acquisition opportunities

Hindustan Times  

State-run Life Insurance Corporation may enter the health insurance segment and is reportedly exploring acquisition opportunities. At present, life companies can only offer long-term benefit covers under health insurance and for them to provide hospitalisation and indemnity cover, an amendment to the Insurance Act would be needed. LIC quarterly results The public sector insurer posted a net profit of ₹13,781.59 …

LIC may turn into composite insurer; likely to merge 4 PSU general firms
2 years ago

LIC may turn into composite insurer; likely to merge 4 PSU general firms

Business Standard  

With the Central government proposing to allow composite insurers, the four public sector general insurance companies can be merged with the Life Insurance Corporation of India is one of the views voiced by industry experts. The employee unions in the four government-owned general insurance companies -- The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company …

LIC IPO: Full list of top initial public offerings in India
2 years, 7 months ago

LIC IPO: Full list of top initial public offerings in India

India Today  

Life Insurance Corporation of India is gearing up to launch the largest initial public offering in India's share market. PAYTM Fintech firm Paytm’s initial public offering of up to Rs 18,300 crore in November last year is still the country’s largest stock market listing, surging past miner Coal India’s massive IPO more than a decade ago. COAL INDIA In 2010, …

LIC’s Rs.21K crore IPO, India\'s largest, to open on May 4
2 years, 7 months ago

LIC’s Rs.21K crore IPO, India\'s largest, to open on May 4

Deccan Chronicle  

Mumbai: State-run insurance behemoth Life Insurance Corporation of India’s initial public offer at Rs 21,000 crores will be India’s largest IPO so far, even after the Central government brought down the stake sale on offer to 3.5 per cent from the earlier 5 per cent. Around 6.48 crore policyholders of the state-run insurance behemoth have updated their PAN to participate …

LIC IPO: FDI Tweak, Policyholders' Discount, Govt Goes The Distance to Make IPO a Success
2 years, 7 months ago

LIC IPO: FDI Tweak, Policyholders' Discount, Govt Goes The Distance to Make IPO a Success

News 18  

As the LIC IPO is set to hit the market in the first week of May, the government and Life Insurance Corporation‘s executives are making all-out efforts to make the initial public offering a success. Recently, the government also amended the Foreign Exchange Management Act’s rules, paving the way for up to 20 per cent foreign direct investment in LIC. …

LIC IPO: Likely opening date, price band and other things you should know
2 years, 7 months ago

LIC IPO: Likely opening date, price band and other things you should know

Hindustan Times  

The Life Insurance Corporation's much-awaited IPO, or initial public offering, is expected to open on May 4, news agency ANI reported Tuesday morning. READ: LIC IPO to open on May 4, close on May 9 - Report > The Government of India, which owns the insurance giant, plans to sell a 3.5 per cent stake instead of the five per …

Centre amends FEMA rules to allow 20% FDI in LIC
2 years, 8 months ago

Centre amends FEMA rules to allow 20% FDI in LIC

Hindustan Times  

The government has amended rules of the Foreign Exchange Management Act, paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC. Following the Cabinet approval, the Department for Promotion of Industry and Internal Trade on March 14 had amended the Foreign Direct Investment policy to facilitate overseas investment in LIC ahead of the …

Cabinet allows up to 20% FDI in LIC ahead of IPO
2 years, 9 months ago

Cabinet allows up to 20% FDI in LIC ahead of IPO

Hindustan Times  

The Union cabinet chaired by Prime Minister Narendra Modi on Saturday allowed up to 20% foreign direct investment in state-run Life Insurance Corporation under the automatic route, paving the way for participation of overseas funds in one of the country’s biggest initial public offerings, expected next month, two officials aware of the development said. One of the officials said the …

Cabinet allows up to 20% foreign direct investment in IPO-bound LIC: Sources
2 years, 9 months ago

Cabinet allows up to 20% foreign direct investment in IPO-bound LIC: Sources

Firstpost  

New Delhi: The Union Cabinet on Saturday permitted up to 20 per cent foreign direct investment under automatic route in IPO-bound LIC with an aim to facilitate disinvestment of the country’s largest insurer, sources said. Since as per the present FDI policy, the foreign inflows ceiling for public sector banks is 20 per cent under government approval route, it has …

Days ahead of LIC IPO, Modi govt approves FDI up to 20%
2 years, 9 months ago

Days ahead of LIC IPO, Modi govt approves FDI up to 20%

Hindustan Times  

Continuing with its efforts to make India an attractive investment destination, an amendment has been approved to permit foreign direct investment in the Life Insurance Corporation of India with the existing policy further simplified. The FDI policy reform will further enhance ‘ease of doing business’ in the country, leading to larger FDI inflows and, thereby, contributing to the growth of …

Potential Investors In LIC IPO Raise Concerns Over Govt Role, Says Report
2 years, 10 months ago

Potential Investors In LIC IPO Raise Concerns Over Govt Role, Says Report

ABP News  

New Delhi: In a new development, the prospective investors in Life Insurance Corporation of India’s $8-billion IPO are seeking assurances from the company that it will not sacrifice their interests to meet the goals set out by the government, its controlling shareholder, sources told Reuters. The government ministries may tend to think that LIC is 100 per cent under their …

Explained | What must LIC IPO investors keep an eye on?
2 years, 10 months ago

Explained | What must LIC IPO investors keep an eye on?

The Hindu  

The story so far: The Life Insurance Corporation of India filed its draft red herring prospectus with capital markets regulator SEBI last Sunday. The main types of risks that could impact LIC and as a result shareholder returns relate to regulatory requirements, competition, the pandemic effect, the Government still retaining majority control, as well as specifics such as the segregation …

LIC IPO: Why is India’s largest insurer being listed?
2 years, 10 months ago

LIC IPO: Why is India’s largest insurer being listed?

Live Mint  

India is embarking on the blockbuster listing of the country's largest insurer as part of a wider privatisation drive to bolster public coffers drained by the coronavirus pandemic and fund new infrastructure. While the pricing has not yet been set, analysts expect the IPO of the Life Insurance Corporation of India to be India's largest to date, potentially earning the …

Stage set for historic LIC IPO! Govt files DRHP to sell 5% for ₹63,000 crore
2 years, 10 months ago

Stage set for historic LIC IPO! Govt files DRHP to sell 5% for ₹63,000 crore

Live Mint  

Setting the stage for the country's biggest-ever public offering, Life Insurance Corporation on Sunday filed draft papers with capital market regulator Sebi for the sale of a 5 per cent stake by the government for an estimated ₹63,000 crore. The initial public offering of over 31.6 crore shares or 5 per cent government stake is likely to hit the D-street …

LIC IPO proposal filed with market regulator Sebi
2 years, 10 months ago

LIC IPO proposal filed with market regulator Sebi

India Today  

The government-owned Life Insurance Corporation of India filed its draft red herring prospectus for its mega initial public offering with the Securities and Exchange Board of India today, February 13. "The DRHP of LIC IPO has been filed today with the SEBI," Department of Investment and Public Asset Management secretary Tuhin Kanta Pandey wrote in a tweet. DETAILS OF LIC …

LIC IPO: What Investors Must Know Before Applying for India's Biggest IPO
2 years, 10 months ago

LIC IPO: What Investors Must Know Before Applying for India's Biggest IPO

News 18  

Established in 1888, LIC has more than 29 crore policy holders. LIC IPO: The central government is all set to file the draft red herring prospectus of Life Insurance Corporation of India ’s mega initial public offering over the weekend, according to sources. LIC IPO: Record Number of Demat Accounts Expected Arijit Malakar, Head of Retail Equity Research, Ashika Group, …

LIC IPO Coming Soon: All you Need to Know about India's Favourite Insurance Company Before Investing
2 years, 10 months ago

LIC IPO Coming Soon: All you Need to Know about India's Favourite Insurance Company Before Investing

News 18  

LIC IPO: The central government gears up to launch the mega initial public offering of Life Insurance Corporation, which is to be launched soon. Here are key things to know for policyholders who may want to subscribe to Life Insurance Corporation’s upcoming IPO LIC IPO: Key Products Life insurers provide cover against mortality and morbidity risks, apart from savings products. …

LIC IPO Plans on Track, Should Happen This Year Itself: FM Nirmala Sitharaman to News18
2 years, 10 months ago

LIC IPO Plans on Track, Should Happen This Year Itself: FM Nirmala Sitharaman to News18

News 18  

Union finance minister Nirmala Sitharaman on Wednesday said the much-awaited initial public offering of state-owned Life Insurance Corporation of India should happen “this year itself". In an exclusive interview with Rahul Joshi, Group Editor-in-Chief, Network18, she said, “LIC IPO plans are going fine. The LIC stock launch will be the biggest initial public offering in India with the country pushing …

Valued at $203 billion, India readies LIC IPO, its biggest ever
2 years, 11 months ago

Valued at $203 billion, India readies LIC IPO, its biggest ever

Al Jazeera  

The upcoming listing of the country’s insurer, the state-owned crown jewel, is being looked at as India’s Aramco moment. If investors agree with the $203 billion valuation sought by the government, LIC would compete against India’s biggest companies — Reliance Industries Ltd. and Tata Consultancy Services Ltd. “The Life Insurance Corporation’s IPO is an excellent development not only for India’s …

LIC IPO to hit markets by March; draft papers to be filed with Sebi by January end
2 years, 11 months ago

LIC IPO to hit markets by March; draft papers to be filed with Sebi by January end

India TV News  

Highlights The government will launch the mega public offer of LIC by March FM Nirmala Sitharaman had last week reviewed the progress of the LIC IPO LIC IPO is crucial for meeting the Rs 1.75-lakh crore disinvestment target set for March 2022 The government will launch the mega public offer of LIC by March and file draft papers with market …

LIC IPO unlikely to take place this fiscal. Here is why
3 years ago

LIC IPO unlikely to take place this fiscal. Here is why

Live Mint  

New Delhi: The government is unlikely to come up with the IPO of Life Insurance Corporation in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and preparatory work is still far from complete. Valuation of LIC is a complex process because of its size, product mix, real estate …

IPO-bound LIC improves asset quality, lowers net NPA to 0.05%
3 years ago

IPO-bound LIC improves asset quality, lowers net NPA to 0.05%

Live Mint  

The Life Insurance Corporation in the run up to its proposed initial public offering has improved its asset quality for the financial year which ended March 2021. According to the latest Annual Report of Life Insurance Corporation of India ahead of its proposed IPO, the non-performing assets as of March 31, 2021, are ₹35,129.89 crore out of a total portfolio …

No proposal to merge public sector general insurance companies: MoS Karad
3 years ago

No proposal to merge public sector general insurance companies: MoS Karad

The Hindu  

The government on Tuesday said there is no proposal as of now to merge public sector general insurance companies. In a written reply to the Rajya Sabha, Minister of State for Finance Bhagwat K Karad said there is no proposal under consideration of the government at present for merger of public sector general insurance companies. In a bid to foster …

LIC listing in March quarter, says DIPAM secretary Pandey
3 years, 1 month ago

LIC listing in March quarter, says DIPAM secretary Pandey

Live Mint  

The Union government is planning the initial public offering of Life Insurance Corp. of India Ltd in the March quarter, a top government official said. “We are working very hard for the LIC IPO,” said Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management. DIPAM has appointed 10 merchant bankers, including Goldman Sachs Securities, Citigroup Global …

Govt appoints 10 merchant bankers for managing LIC IPO
3 years, 3 months ago

Govt appoints 10 merchant bankers for managing LIC IPO

The Hindu  

The government has appointed 10 merchant bankers including Goldman Sachs Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular …

Goldman Sachs, J P Morgan Chase among 10 merchant bankers to manage LIC IPO
3 years, 3 months ago

Goldman Sachs, J P Morgan Chase among 10 merchant bankers to manage LIC IPO

The Hindu  

The government has shortlisted 10 merchant bankers, including Goldman Sachs Group Inc., J P Morgan Chase & Co, and ICICI Securities, to manage the mega initial public offering of the country's largest life insurer LIC. "Goldman Sachs Group Inc, JPMorgan Chase & Co, ICICI Securities Ltd, Kotak Mahindra Capital Co, JM Financial Ltd, Citigroup Inc and Nomura Holdings Inc are …

LIC IPO Date Update: Government plans to complete public offer of insurance giant before March 2022
3 years, 5 months ago

LIC IPO Date Update: Government plans to complete public offer of insurance giant before March 2022

India TV News  

The government plans to complete the initial public offering of Life Insurance Corporation in the current fiscal, the Minister of State for Finance Bhagwat Kishanrao Karad said on Monday. The government on Thursday had invited bids to appoint merchant bankers and legal advisors for the IPO and subsequent listing of the country's largest insurer. "The Initial Public Offer of the …

New insurance FDI rules a mixed bag for foreign investors
3 years, 7 months ago

New insurance FDI rules a mixed bag for foreign investors

The Hindu  

NEW DELHI Indian promoters of insurance joint ventures with foreign partners will no longer be able to nominate a majority of the board members, as per new rules notified under the Insurance Act. “In an Indian insurance company having foreign investment exceeding 49%, not less than 50% of its directors shall be independent directors, unless the chairperson of its board …

Parliament Passes Bill To Increase FDI Ceiling Limit In Insurance Sector To 74% From 49%
3 years, 9 months ago

Parliament Passes Bill To Increase FDI Ceiling Limit In Insurance Sector To 74% From 49%

Live Law  

The Lok Sabha on Monday passed the Insurance Bill, 2021 which seeks to increase the maximum permissible Foreign Direct Investment in the insurance sector to 74%, from the current limit of 49%. As per the Statement of Object annexed to the Bill, "In order to achieve the objective of Government's Foreign Direct Investment Policy of supplementing domestic long-term capital, technology …

Rajya Sabha Passes Bill to Raise FDI in Insurance to 74%, Sitharaman Says Resident India to Head Key Positions
3 years, 9 months ago

Rajya Sabha Passes Bill to Raise FDI in Insurance to 74%, Sitharaman Says Resident India to Head Key Positions

News 18  

New Delhi: Rajya Sabha on Thursday approved a bill to raise the foreign investment limit in the insurance sector to 74 per cent with Finance Minister Nirmala Sitharaman saying while control will go to foreign companies, the majority of directors and key management persons will be resident Indians who will be covered by law of the land. Giving out reasons …

Rajya Sabha Passes Bill To Increase Foreign Direct Investment In Indian Insurance Sector To 74%
3 years, 9 months ago

Rajya Sabha Passes Bill To Increase Foreign Direct Investment In Indian Insurance Sector To 74%

Live Law  

The Rajya Sabha on Thursday passed the Insurance Bill, 2021 which seeks to increase the maximum permissible Foreign Direct Investment in the insurance sector to 74%, from the current limit of 49%. As per the Statement of Object annexed to the Bill, "In order to achieve the objective of Government's Foreign Direct Investment Policy of supplementing domestic long-term capital, technology …

Parliament Proceedings | Rajya Sabha passes Insurance Amendment Bill to increase FDI limit to 74%
3 years, 9 months ago

Parliament Proceedings | Rajya Sabha passes Insurance Amendment Bill to increase FDI limit to 74%

The Hindu  

The Rajya Sabha on Wednesday passed the Insurance Amendment Bill 2021 that increases the maximum foreign investment allowed in an insurance company from 49% to 74%, amid criticism from the Opposition parties on the clause enabling “control and ownership” by foreign investors. Mr. Sharma said, “We are not opposed to the policy of disinvestment, but is it disinvestment or leapfrogging …

Cabinet Approves Amendments in Insurance Act to Increase FDI up to 74%: Report
3 years, 9 months ago

Cabinet Approves Amendments in Insurance Act to Increase FDI up to 74%: Report

News 18  

New Delhi: The Union Cabinet on Wednesday gave its nod for amendments in the Insurance Act, paving way for 74 per cent foreign direct investment in the sector. Currently, the permissible FDI limit in the life and general insurance stands at 49 per cent with ownership and management control with Indian. Finance Minister Nirmala Sitharaman in Budget 2021-22 said, “I …

Govt may consider Oriental Insurance or United India for privatisation
3 years, 10 months ago

Govt may consider Oriental Insurance or United India for privatisation

The Hindu  

The government may consider privatising Oriental Insurance or the United India Insurance Co. as their financial health has improved after a series of capital infusions, people aware of the development said. Both Oriental Insurance and the Chennai-based United India Insurance may be able to generate interest from the private sector because of their improved financials, sources said. Last year, the …

Finance Ministry to infuse ₹3,000 crore in general insurance companies this quarter
3 years, 10 months ago

Finance Ministry to infuse ₹3,000 crore in general insurance companies this quarter

The Hindu  

The Finance Ministry will infuse ₹3,000 crore capital into state-owned general insurance companies during the current quarter in a bid to improve their financial health. The cabinet had also decided to increase the authorised share capital of National Insurance Company Limited to ₹7,500 crore and that of United India Insurance Company Limited and Oriental Insurance Company Limited to ₹5,000 crore …

Insurance Companies Won't Be Taking Money Outside India Despite Spike in FDI: Fin Min Secy
3 years, 10 months ago

Insurance Companies Won't Be Taking Money Outside India Despite Spike in FDI: Fin Min Secy

News 18  

Despite the Union Budget 2021 raising FDI limit up to 74 per cent, insurance companies with foreign ownerships won’t be allowed to take money outside India, said Tarun Bajaj, Secretary, Department of Economic Affairs. In an exclusive interview to Moneycontrol, Bajaj said as per the provision under insurance act, companies are not allowed to send money outside India. When the …

Budget 2021: More relaxed rules on investment in insurers set to attract US, European players
3 years, 10 months ago

Budget 2021: More relaxed rules on investment in insurers set to attract US, European players

Live Mint  

The Indian government on Monday said it plans to raise limits on how much foreign companies can invest in the country's insurance industry, a move that could attract inflows from US and European insurers. Finance Minister Nirmala Sitharaman in her budget speech for 2021-22 said the government would allow foreign direct investment of up to 74% in insurance entities, up …

LIC IPO may spill over to next fiscal as govt looks at valuation of insurer
4 years, 2 months ago

LIC IPO may spill over to next fiscal as govt looks at valuation of insurer

India TV News  

The mega initial public offering of Life Insurance Corp may spill over to the next fiscal as the government will first look at the independent actuarial valuation of the country's largest insurer, a top official has said. Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said the pre-IPO work of LIC is going on at four stages …

Discover Related