Govt cuts LIC IPO size to 3.5%, issue to hit markets in May 1st week: Sources
New Delhi, Apr 23: The government is likely to cut the size of the initial public offering of LIC to 3.5 per cent to raise around Rs 21,000 crore from the issue which would hit the capital markets in the first week of the next month.
The government in February had planned to sell a 5 per cent stake in Life Insurance Corporation (LIC). However, the ongoing market volatility due to the Russia-Ukraine war has made it lower the IPO size.
At this price, LIC, which is 100 per cent government-owned, is valued at Rs 6 lakh crore.
LIC is likely to file the red herring prospectus with market regulator Sebi by Wednesday.
"LIC IPO is likely to come to the market in May first week. 3.5 per cent stake dilution, subject to regulatory approval," an official said.
Reservations for policyholders and employees, and discounts, issue dates and issue price will be known by Wednesday, the official added.
In February, LIC had filed draft papers with Sebi wherein it had said that the government will sell 5 per cent stake or 31.6 crore shares in the state-run insurer.
LIC's embedded value, which is a measure of the consolidated shareholders value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.
LIC IPO would contribute a major chunk to the budgeted disinvestment proceeds in the current fiscal.
The government has pegged disinvestment receipts at Rs 65,000 crore in the current fiscal, up from Rs 13,531 crore raised in the last fiscal.
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Delhi LG 'praises' CM Atishi, calls her 'thousand times better than her predecessor' Kejriwal
New Delhi, Nov 22: In a left-handed compliment to Delhi Chief Minister Atishi, Lieutenant Governor V K Saxena on Friday said she is "a thousand times better" than her predecessor Arvind Kejriwal.
At the seventh convocation ceremony of the Indira Gandhi Delhi Technical University for Women here, Saxena said, "I am happy today that Delhi's CM is a woman, and I can confidently say that she is a thousand times better than her predecessor."
While making the comment, he took a glance at Atishi who also addressed the students.
The AAP and BJP have been at loggerheads over a range of issues, including governance and control of bureaucracy. Kejriwal tendered his resignation in September and said he would seek a "certificate of honesty" from the public in light of the corruption charges he faced. Atishi succeeded him as the chief minister.
Last year, Saxena ignored the AAP government's request to allow Atishi, who was then the education minister to hoist the national flag at the state-level Independence Day event.
A row brewed over the issue with the Aam Aadmi Party lashing out at Saxena after the General Administration Department refused to implement Minister Gopal Rai's direction to let Atishi hoist the tricolour in place of former then Chief Minister Arvind Kejriwal who was in the jail in the excise policy scam.
In his speech, Saxena told the students, "As you move ahead, you have four guiding stars. First is your responsibility towards yourself, the second is your responsibility towards your parents and family while the third responsibility is towards the society and nation-building."
"The fourth responsibility is to prove yourself as women who have broken the glass ceiling of gender and stand on par with others in all fields," he said.
Kejriwal had proposed Atishi's name as the chief minister at a meeting of the legislature party and it was unanimously accepted.
When she took charge of the office, Atishi kept an empty chair besides hers for Kejriwal.
Addressing at the event, Atishi reflected on the progress made in the education sector under the AAP government.
"Education is the key to development. Take the example of the US, Canada, or the UK. They provided free education and schooling, and that is why they are developed countries today."
"Ten years ago, when we formed the government here, we saw the same dream. Since then, we have been spending 25 percent of our education budget on improving the sector," she said.
