India’s Life Insurance Corp plans potential record IPO -Breaking
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Aftab Ahmed, Nupur Aand and Sudarshan Vadhan
NEW DELHI (Reuters] -The draft papers filed by the Indian State-run Life Insurance Corporation (LIC) with the Market Regulator for the largest possible initial public offering (IPO).
According to the prospectus draft dated February 13, India’s biggest insurer will sell 316.25 millions shares. In addition, the filing stated an embedded worth of 5.39 trillion Indian Rupees ($71.56 Billion).
The IPO serves as a gauge of investor interest in new offerings. Many companies listed last year are now trading below offer prices due to concerns about high valuations and looming rises in global central bank interest rates.
The listing is also happening against the background of foreign investors withdrawing funds from the domestic marketplace just as Narendra Modi’s government seeks a sharply reduced divestment target.
It stated that its investment in T-Bills, government securities and TBills was at 61.44 Billion Indian Rupees on Sept. 30.
($1 equals 75.3188 Indian rupees).
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