LIC IPO: If you have a LIC policy, you will get a reservation in this IPO

New Delhi: LIC IPO: If you have a life insurance corporation policy (LIC policy) then you are your bat. The government has said that the policyholders of LIC will be given a reservation of up to 10% in its IPO. This means 10 percent of the IPO will be reserved for those holding LIC policy.

Deepam Secretary gave this information

Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) in the Union Ministry of Finance, gave this information in a special conversation with Times of India. He said that just as retail investors get a 10 percent reservation in the IPO of a government company, the policyholders of LIC will also get a reservation in the IPO. They say that why only the government should take ownership of LIC, policyholders of LIC also become its owners.

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LIC

LIC is the largest insurance company in the country. It’s initial public offering (IPO) is expected to come after October this year. It is noteworthy that the government has set a target of raising Rs 1.75 lakh crore in the next financial year from the disinvestment program to revive the economy affected by the epidemic and to finance the projects. The government also intends to sell to Shipping Corporation of India (SCI), IDBI Bank (IDBI) Limited, and two other public banks this financial year.

Necessary legislative amendments introduced

by the frost, the Kant Pandey government has introduced legislative amendments required to divest stake in Finance Bill LIC through the Finance Bill (LIC) and IDBI Bank (IDBI Bank). Modi government has set a target of record capital expenditure in the next financial year to get the economy out of trouble. The government has received letters of interest (EOIs) from prospective buyers for Bharat Petroleum Corporation Limited (BPCL) and Air India (Air India).