India’s Life Insurance coverage Corp plans potential report IPO

Life Insurance coverage Company of India (LIC) emblem is seen at a metro station in Mumbai, India, January 31, 2022. REUTERS/Francis Mascarenhas/File Picture

NEW DELHI, Feb 13 (Reuters) – State-run Life Insurance coverage Company of India (LIC) has filed draft papers with the market regulator for what may very well be the nation’s largest preliminary public providing (IPO).

India’s largest insurer might be promoting 316.25 million shares, in accordance with the draft prospectus dated Feb. 13. The submitting additionally said an embedded worth of 5.39 trillion Indian rupees ($71.56 billion).

The IPO is seen as a take a look at of investor urge for food for brand spanking new choices, with quite a few firms that listed final yr now buying and selling under their supply costs on issues over lofty valuations and looming will increase to rates of interest by world central banks combating inflationary pressures.

The itemizing additionally comes towards the backdrop of overseas buyers pulling out funds from the home market simply because the Narendra Modi-led authorities seeks to fulfill a sharply trimmed divestment goal for the present monetary yr.

The corporate mentioned its funding in authorities securities and T-Payments stood at 61.44 billion Indian rupees at Sept. 30.

($1 = 75.3188 Indian rupees)

Further reporting by Chandini Monnappa and Chris Thomas in Bengaluru, Rupam Jain in Mumbai and Manoj Kumar in New Delhi
Enhancing by Andrew Heavens and David Goodman

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