LIC To File Draft Initial Public Offer Papers With SEBI In November

Life Insurance Corporation is likely to file draft papers with Securities and Exchange Board of India (SEBI) by November

The country's largest insurer, Life Insurance Corporation (LIC), is likely to file draft papers with Securities and Exchange Board of India (SEBI) by November for the largest initial public offer (IPO) in the country's history, a finance ministry official has said.

"We target to bring the IPO within this fiscal and we have set strict timelines. The draft red herring prospectus (DRHP) would be filed by November," the official said.

Once the DRHP is filed, merchant bankers will hold global and domestic roadshows for investors by January, the official informed further.

The government last month appointed 10 merchant bankers, including Goldman Sachs (India) Securities Private Limited, Citigroup Global Markets India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited to manage the LIC IPO.