Govt Appoints Milliman Advisors To Find Out LIC Value Ahead Of IPO
The work on determining the embedded value of India's largest insurer would start soon, Dipam Secretary Tuhin Kanta Pandey tweeted
Topics
Life Insurance Corporation | IPOs
Nikunj Ohri |
This would help the government in moving ahead for the listing as the valuation of LIC would be derived
The government has moved a step closer towards the listing of India’s largest insurer Life Insurance Corporation of India. The Department of Investment and Public Asset Management (Dipam) has selected Milliman Advisors LLP India for ascertaining the embedded value of LIC before its listing, which is seen as India’s one of the largest initial public offerings.
The work on determining the embedded value of India’s largest insurer would start soon, Dipam Secretary Tuhin Kanta Pandey tweeted.
This would help the government in moving ahead for the listing as the valuation of LIC would be derived. Once valuation is decided, the government will have to appoint merchant bankers for the transaction.
The government had shortlisted three actuaries EY Actuarial Services LLP, Milliman Advisors LLP, and Willis Towers Watson Actuarial Advisory LLP.
The IPO of LIC will help the government in getting a substantial chunk in divestment receipts. The government had budgeted Rs 2.1 trillion as divestment receipts for the current financial year, out of which Rs 90,000 crore was expected to be mopped up from LIC listing and a stake sale in IDBI Bank. However, it’s unlikely that LIC will be listed in the current financial year.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Thu, December 31 2020. 22:52 IST
Revoluts Australian Banking Licence Game Changer
Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more
The AI Bank Is Coming, But Who Controls The Risk?
Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more