Government kick-starts LIC IPO process

July 16, 2021 03:16 am | Updated 03:16 am IST - MUMBAI

Kick-starting the process for LIC disinvestment, the government has invited bids from merchant bankers and legal advisors for advising it on the proposed mega initial public offer.

The Department of Investment and Public Asset Management (DIPAM) would appoint up to ten merchant bankers and one legal firm for assisting and advising on the stake sale.

The last date for putting in bids is August 6, as per a notice issued by DIPAM.

Listing of LIC is crucial for the Centre as it aims to raise ₹1.75 lakh crore in FY22 from minority stake sales and privatisation.

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