The Securities and Exchange Board of India (SEBI) is likely to approve the revised draft red herring prospectus (DRHP) by April 25.
The news agency claimed that the Centre had slashed the IPO size to 3.5 percent from 5 percent.
The initial public offering of the government is expected to raise over Rs 20,000 cr. The embedded value of Life Insurance Corporation of India is less than the actual valuation.
The red herring prospectus is likely to be filed by the government in the first half of next week, according to CNBC TV18.
The budget for the current fiscal year includes a large chunk of the IPO proceeds. The government has pegged the total receipts at Rs 65,000 cr for 2022-23, up from Rs 13,531 cr last fiscal.
The government would sell a 5 percent stake in LIC in order to raise funds. The IPO plans were deferred because of the market's volatility.
According to Reuters, LIC's listing is expected in the first week of May and the formal announcements related to price, issue date, reservations and discount are likely on April 27.You can download your money calendar here and keep your dates with your moneybox.
All Rights Reserved © 2024
