LIC IPO News: SEBI usually takes 75 days to complete the review process. The government wants the regulator to complete the process in three weeks.
New Delhi: The government of India has asked the Securities Exchange Board of India (SEBI) to complete the review of its draft prospectus in the next three weeks. The regulator usually takes 75 days to complete the review process. According to a report by Reuters, the government is seeking a swift review to list the biggest IPO in the country on the share markets by March-end.
The report stated government officials as saying that there are 10 banks that are available for the process and they can be contacted ’24*7′ for questions. The government aims to raise $12 billion from the IPO. The report further stated that the government has put aside the other disinvestment plans.
The report also added that the government will file the prospectus in the ‘next few days’. Through the LIC IPO, the government is also trying to speed up the privatisation plans in order to increase revenue and profits. However, the details like embedded value and other financials are yet to be finalised and disclosed.
The Reuters report also said that the government has dispatched 12 lakh field agents to convince the investors to invest in the upcoming IPO. Policyholders have also been sent text messages to invest in the same.
LIC Premium Growth At 554.1 Per Cent
According to a recent report published by PTI, the LIC has reported a profit of Rs 1,437 crore in the first six months of 2021-22. This is the profit after tax deduction. The figure stood at Rs 6.14 crore in the previous year. The premium grew by 554.1 per cent.
The premium rose by Rs 1,679 crore during the April-September period to Rs 1.86 lakh crore. The net retention ratio stood at 99.88 per cent in the first half of 2021.
