Lagatar24 Desk
New Delhi, Mar 9: India’s market regulator SEBI has approved state-owned Life Insurance Corp’s (LIC) $8 billion initial public offering. This information came to the fore via TV channel ET Now, which cited sources.
The permission comes after rumours that the initial share sale would be postponed until the following fiscal year due to market volatility exacerbated by the Ukraine situation.
Earlier this week, Reuters reported, citing sources, that bankers advising LIC had pressured the government to postpone the stock offering’s start.
According to an ET Now report, IPO approvals are valid for a period of 12 months from the date of final observation by the Securities and Exchange Commission of India (SEBI).
LIC did not respond to a request for comment from Reuters right away.
The government intends to sell 5% of its interest in LIC this month, before the fiscal year closes on March 31.
The offering is considered as crucial to the government’s plan to generate money for planned expenditures.
Following Russian President Vladimir Putin’s authorization of a ‘special military operation’ against Ukraine, global markets, including India, have been very turbulent.
