Government Has Time Till May 12 To Bring LIC Public Issue Without Fresh SEBI Okay: Report

Government has time till May 12 to launch the IPO of LIC without filing fresh papers with markets regulator SEBI

Government has time till May 12 to launch the initial public offer (IPO) of Life Insurance Corporation of India (LIC) without filing fresh papers with markets regulator Securities and Exchange Board of India (SEBI), an official said.

The government's sale of about 31.6 crore shares or 5 per cent stake in LIC, which was estimated to fetch around Rs 60,000 crore to the exchequer, was originally planned to be launched in March, but the Russia-Ukraine crisis has derailed the plans as stock markets are highly volatile.

On February 13, the government filed the draft red herring prospectus (DRHP) for the IPO with SEBI, which granted its approval for the same last week.

"We have a window till May 12 to launch the IPO based on the papers filed with SEBI. We are watching the volatility and will file the RHP giving the price band soon," an official said.