LIC files IPO papers with SEBI
To participate in public offering, policyholders will need to ensure that their PAN details are updated in the Corporation’s records.
Mumbai: The Life Insurance Corporation of India (LIC) filed its Initial Public Offerings (IPO) papers with the Securities and Exchange Board of India (SEBI) on Sunday, February 13.
Now, as per reports, the government will raise Rs 75,000 crore by diluting 5 per cent in it.
The Government of India, in the interest of the policyholders of LIC, has passed an amendment to the LIC Act, 1956 permitting the Corporation to make a reservation on a competitive basis, in favour of its policyholders, at any time during five years of the commencement of Section 131 of the Finance Act, 2021, i.e., five years from June 30, 2021, as one of the reserved categories in any public offering that the Corporation may undertake in the future, subject to necessary approvals.
To participate such public offering, policyholders will need to ensure that their PAN details are updated in the Corporation’s records. Further, subscribing to any public offering in India is only possible if you have a valid DEMAT account – accordingly, policyholders should ensure.
As of 2019, Life Insurance Corporation of India had total life fund of Rs 28.3 trillion. The total value of sold policies in the year 2018–19 is Rs 21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders.
