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Asian life insurance giant, the <keyword id="6368369" type="General" weightage="50" keywordseo="life-insurance-corporation-of-india" source="Orion">Life Insurance Corporation of India</keyword> on Thursday said its Indian Embedded Value (<keyword id="3408788" type="General" weightage="80" keywordseo="iev" source="Orion">IEV</keyword>) as on March 31, 2022 was Rs 541,942 crore. The embedded value in the case of a life insurance company is the current value of the company's future profits. According to <keyword id="6367143" type="General" weightage="100" keywordseo="lic" source="Orion">LIC</keyword> officials, the IEV has been determined at Rs 541,492 crore (Rs 5,414.9 billion) as compared to Rs 95,605 crore (Rs 956 billion) as on March 31, 2021 and Rs 539,686 crore (Rs 5,397 billion) as on September 30, 2021. Officials said the volatility in the stock market has impacted the LIC's investment market value to the tune of Rs 40,000 crore which, in turn, had its impact on IEV. According to the officials, the Rs 40,000 crore reduction in the market value of its investment was in both equity and debt segments of the market. The IEV as of September 30, 2021 was significantly higher than the IEV of March 2021 due to the bifurcation of fund that was carried out by LIC pursuant to changes in the <keyword id="7922368" type="General" weightage="20" keywordseo="lic-act" source="Orion">LIC Act</keyword> during the FY 2021-22. The LIC Board on January 8, 2022 had approved bifurcation of the single fund into separate Participating and Non-Participating funds and the effect of such bifurcation has been reflected in the Financials as at March 31, 2022. The life insurer had engaged <keyword id="14454797" type="General" weightage="50" keywordseo="milliman-advisors-llp" source="Orion">Milliman Advisors LLP</keyword> for arriving at the embedded value. On Thursday the LIC's Board accepted <keyword id="1417479" type="General" weightage="50" keywordseo="milliman" source="Orion">Milliman</keyword>'s IEV report. LIC Chairman M.R. Kumar said the valuation of IEV took some time to get completed. On the LIC's decision to publish the embedded value once in six months - in March and September - Kumar said it is in line with the industry practice. Further, determining the embedded value of a life insurance company of LIC size with about 28 crore policies is a time consuming and elaborate process, officials added. The Value of New Business (VNB) for year ended March 31, 2022 has been determined to be Rs 7,619 crore (Rs 76.19 billion) as compared to Rs 4,167 crore (Rs 41.67 billion) for the year ended March 31, 2021. Also, the VNB for the six-month period ended September 30, 2021 was Rs 1,583 crore (Rs 15.83 billion). The VNB margin, for the year ended March 31, 2022 is 15.1 per cent as compared to 9.9 per cent for the year ended March 31, 2021. Officials said the VNB margin went up owing to change in business mix like the group business going up to 29 per cent from 24 per cent. The ROEV (Return on embedded value) for March 21, 2022 is 11.9 per cent as compared to 36.9 per cent for March 2021. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/iamai-dissolves-blockchain-and-crypto-assets-council-to-no-longer-represent-crypto-exchanges/articleshow/92880182.cms">IAMAI dissolves Blockchain and Crypto Assets Council, to no longer represent crypto exchanges</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/chitra-ramakrishna-arrested-by-ed-and-sent-to-a-four-day-remand/articleshow/92879523.cms">Chitra Ramakrishna arrested by ED and sent to a four-day remand</a>

LIC's embedded value is estimated at Rs 5.4 lakh crore

Financial markets regulator <keyword id="6355630" type="General" weightage="20" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword>) has banned three individuals and two entities (in total five) from securities markets in a case of front-running trades in <keyword id="17271372" type="General" weightage="20" keywordseo="life-insurance-corporation-of-india-" source="Orion">Life Insurance Corporation of India.</keyword> The practice by dealers of dealing with advance information provided by their brokers and investment analysts, before their clients have been given the information is known as front running. Of the individuals was <keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword>'s employee Yogesh Garg since November 08, 2011. The rest are Sarita Garg, Kamlesh Agarwal, Ved Prakash HUF, and Sarita Garg HUF. Also, SEBI impounded Rs 2.44 crore in total from their accounts. SEBI's interim order on Thursday said the entities shall cease and desist from, directly or indirectly, engaging in any fraudulent, manipulative or unfair trade practice including front running thereby committing or causing a violation of any provisions under relevant laws. "...it is prima facie concluded that Noticees 1 to 5 (five entities) were involved in a scheme to front run the trades of the Big Client and therefore they are prima facie jointly and severally liable for the proceeds generated from the front running trades," the SEBI order read. It was prima facie observed that Yogesh Garg, being a dealer in LIC, was in possession of non-public information regarding impending orders of LIC and he acted as an information carrier. SEBI concluded that these five entities had a distinct role to play in the fraudulent scheme devised for front-running the orders of LIC. The entities are now directed to provide a full inventory of all assets held in their name, whether movable or immovable or any interest or investment or charge on any of such assets, including details of all bank accounts, <keyword id="104763" type="General" weightage="20" keywordseo="demat" source="Orion">Demat</keyword> accounts and mutual fund investments, immediately but not later than 15 days. Against that backdrop, SEBI advised LIC to review its processes and take all necessary additional measures to prevent, detect, and remediate any fraudulent, manipulative or unfair trade practices by its employees in relation to its investment activities. .SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/filmfare-awards-2023-gangubai-kathiawadi-makes-a-clean-sweep/slidelist/99833037.cms">Filmfare Awards 2023: Gangubai Kathiawadi makes a clean sweep</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-stock-indices-hold-steady-as-investors-monitor-earnings-wipro-is-top-gainer/articleshow/99834835.cms">Indian stock indices hold steady as investors monitor earnings; Wipro is top gainer</a>

SEBI bans five entities in LIC front running case, impounds ₹2.44 crore

The proposed amendment to the definition of health insurance business is not exhaustive and may lead to disputes at the time of claims, said four <keyword id="57570" type="General" weightage="20" keywordseo="Unions" source="Orion">unions</keyword> in the Life Insurance Corporation of India (<keyword id="6367143" type="General" weightage="20" keywordseo="LIC" source="Orion">LIC</keyword>). The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers. The four unions are: Federation of LIC of India Class I Officers' Association, National Federation of Insurance Field Workers of India, All India Insurance Employees Association and All India LIC Employees Federation. The Indian government has proposed drastic changes to the two insurance laws - Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999- and has called for stakeholders views the planned changes. Scrapping of the statutory Rs 100 crore startup capital for life and general insurance business and Rs 200 crore for reinsurance business, allowing different kinds of insurers including captives, changing the investment provisions are some of the major amendments proposed by the Indian government to the insurance laws. The government also proposes to allow an insurer to distribute other financial products as specified by and subject to regulations and to services related or incidental to insurance business. As per the proposed amendment to Section 2(6C) of the Insurance Act 1938 "health insurance business" means effecting contracts of insurance that provide sickness benefits or pay for medical and health expenses. Quoting the existing definition in the Act, the four unions said the existing definition of health insurance business is explicit to include sickness, medical, surgical or hospital expense benefits. However, the proposed amendment is not elaborative which may lead to dispute during a claim and the insurers may find scope to harass the customer. Therefore, the existing definition should not be replaced, the four unions said. The employee unions are also opposed to the idea of insurers distributing insurers to distribute other financial products as it may distract the companies from their insurance products, distribution and proper attention on serving the policyholders. Industry experts also told IANS that the policyholders funds should be ring fenced so that it is not touched by the players in the case of any liability that may arise due to selling other financial products. The amendments to the laws are proposed in order to increase the penetration of insurance in the country, which continues to be low even after over two decades after opening up the sector. The employee unions are also against the government's plan to bring down the net owned funds to Rs.500 crore from the existing Rs 5,000 crore for a reinsurer. Moreover, the minimum requirement of Rs 5,000 crore was enacted years back. Since then, huge inflation has taken place. "Reduction in requirement by one tenth may result in insolvency which will put the customers in great sufferings. Therefore, we are of the opinion not to reduce the amount of net owned funds for new registration," the unions said. Referring to the proposed amendments to Section 27 of the Insurance Act, the unions said the proposed change does not define the liability, which may lead to misappropriation by the insurers. Therefore, the liability must be defined in explicit terms. On the proposed deletion of Section 27A of the Insurance Act the unions said: "This section deals with the provision of investments with a conservative view to safeguard the interests of the policy holders. Omission of this section may allow for irresponsible investments by the insurers causing huge harm to the customers." The unions are also against allowing multilevel marketing in the insurance sector. Appointment of principal agent, chief agent and special agent to transact any insurance business will bring complexity in the system and will increase the probability of mis-selling as well as fraudulent acts, they said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-motors-subsidiary-to-operate-921-electric-buses-in-bluru/articleshow/96294242.cms">Tata Motors subsidiary to operate 921 electric buses in B'luru</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-electric-scooters-in-india-in-2023/articleshow/96278794.cms">From Suzuki and TVS to Hero Electric: Here are some of the top electric scooters expected to launch in 2023</a>

Proposed amendments to insurance laws may lead to disputes in health claims, misappropriation: Unions

The mega IPO of Life Insurance Corporation of India (<keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword>) will be out by the end of the current fiscal, a senior Central government official said on Monday. According to Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), the IPO plan is on course. "Some media speculation doubting the feasibility of <keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> this fiscal year is not correct. It is reiterated that plan is on course for the IPO in the last quarter of this fiscal," the Secretary tweeted. The IPO is expected to become the biggest one in India and it may fetch the government around Rs 1 lakh crore. Post the Union Budget FY22, the government has taken several legislative and executive steps to pave way for the mega IPO. The LIC, a statutory Corporation constituted under the LIC Act 1956, is a leading life insurer of India wholly owned by the government. It has three branches outside India - in the UK, Fiji and Mauritius, a wholly-owned subsidiary in Singapore and Joint Ventures in Bahrain, Kenya, Sri Lanka, Nepal, Saudi Arabia, and Bangladesh. Its subsidiaries in India include LIC Pension Fund Ltd, and LIC Cards Services Ltd. Its associates include the IDBI Bank Ltd, the LIC Mutual Fund and the LIC Housing Finance Ltd. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-9-stocks-are-down-as-much-as-15-since-being-the-top-diwali-picks-6-weeks-ago/articleshow/88387967.cms">From ICICI Bank to INOX, these 9 stocks are down as much as 15% since being the top Diwali picks 6 weeks ago</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/how-do-rising-covid-19-cases-lead-to-a-fall-in-markets/articleshow/88385905.cms">Why is the stock market falling so sharply today?</a>

LIC IPO to be launched between Jan-Mar 2022

The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial pub<keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">lic</keyword> offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the <keyword id="8699517" type="General" weightage="20" keywordseo="ipo-of-lic" source="Orion">IPO of LIC</keyword>," DIPAM Secretary Tuhin Kanta Pandey tweeted. The disinvestment department had invited applications for the appointment of merchant bankers on July 15. Following this, 16 merchant bankers made presentations for managing listing and partial disinvestment of Life Insurance Corporation (LIC). The Department of Investment and Public Asset Management (DIPAM) is also in the process of appointing a legal adviser for the stake sale and the last date for putting bids is September 16. Actuarial firm Milliman Advisors LLP India has already been appointed to assess the embedded value of LIC ahead of the IPO, which is likely in the January-March quarter of 2022. The government is also mulling allowing foreign investors to pick up stakes in the country's largest insurer LIC. As per Sebi (Securities and Exchange Board of India) rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer. However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed <keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> with Sebi norms regarding foreign investor participation. The Cabinet Committee on Economic Affairs had last month cleared the initial public offering proposal of Life Insurance Corp of India. The ministerial panel known as the Alternative Mechanism on strategic disinvestment will now decide on the quantum of stake to be divested by the government. "The potential size of the IPO is expected to be far larger than any precedent in Indian markets," the department had said. The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March). So far this financial year, Rs 8,368 crore has been mopped up through minority stake sales in PSU and the sale of SUUTI (Specified Undertaking of the Unit Trust of India) stake in Axis Bank. PTI JD SHW SHW

LIC IPO: Government picks 10 merchant bankers including Goldman Sachs, Citigroup Global and Nomura

The much-anticipated IPO of public sector insurer Life Insurance Corp of India (LIC) may well lend more sparkle to the Indian stock markets this Diwali. Speaking to IANS, <keyword id="44532" type="COMPANY" weightage="20" keywordseo="Disinvestment">Disinvestment</keyword> Secretary Tuhin Kanta Pandey noted the fact that LIC is a complex undertaking but the government is up to the challenge and will complete the market offering post October. "It may happen after October... around Diwali," Pandey said in the interview. He added that the government has already initiated its plan to clear all incumbrances on way of LIC IPO. In this regard, he said that the amendment required for the IPO has already been included as part of the Finance Bill, 2021 and will become effective once <keyword id="6354721" type="COMPANY" weightage="20" keywordseo="parliament">Parliament</keyword> gives its nod to the <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword>. Presenting the Union Budget on Monday, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> said that all the announced disinvestment proposals including the LIC IPO would be completed this fiscal. She had first made the mega announcement of the IPO in the last year's budget. On the size of the <keyword id="8843196" type="UNKNOWN" weightage="20" keywordseo="LIC-Offer">LIC offer</keyword>, Pandey said that the amount of shares to be offered in the initial public offering (IPO) would depend on the embedded value and the size. The valuation process is underway for the insurance giant. "This is an institution in which people have trusted and we don't want to break their trust. We have even asked them to be the owners (shareholders)." Pandey said that Amendment Act reserves 10 per cent of the total shares on the block for policy-holders. Regarding the requirement of listed public sector companies to achieve minimum public shareholding of 25 per cent, he said that a new rule is in the making for large PSUs having high valuations. A rule notified in 2018 had mandated every listed PSU, which has public shareholding below 25 per cent, to increase its public shareholding to at least 25 per cent, within a period of two years from the date of that notification -- August 3, 2018. The government has however extended the time period for compliance to the norm till August 2021. Currently, the government totally owns LIC and its valuation is expected to be in the range of Rs 8-10 lakh crore. Once LIC enters the stock market, it may be the largest IPO in Indian history, even if just 5 per cent of its paid-up equity capital is offered to the public. The top five IPOs in India so far are Coal India, Reliance Power, General Insurance Corporation of India (GIC Re), ONGC and SBI Cards and Payment Services. Each of these have been in the vicinity of Rs 10,000 crore. The Secretary for the Department of Investment and Public Asset Management (DIPAM) also said that the government's core focus in terms of disinvestment will be strategic sale and the major chunk of revenue from offer of shares on the stock markets, be it an IPO or offer for sale (OFS) would come from the LIC IPO. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

LIC IPO to launch in October — Government may reserve 10% portion for policyholders

Mumbai, Feb 7 () Life Insurance Corporation is keen to unlock value in IDBI Bank in the run up to the insurance behemoth's IPO, which is likely to happen in FY21, its Chairman M R Kumar said on Friday. Presenting the Budget, Finance Minister Nirmala Sithraman had said the government would sell a part of its 100 percent holding in LIC through an IPO in the next fiscal year. Later, Finance Secretary Rajiv Kumar said the government could divest up to 10 per cent in LIC, which has an enterprise value of Rs 36 lakh crore. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank in the next fiscal out of the total disinvestment target of Rs 2.10 lakh crore. In January 2019, LIC picked up 51 per cent stake in IDBI Bank, making it the majority shareholder of the lender. The Irdai regulations bar an insurance company from holding more than 15 per cent in any listed entity. However, Irdai has given some exemption to LIC in regard to its holding in IDBI Bank. LIC Chairman Kumar said though Irdai has not fixed any timeline for LIC to reduce its stake in IDBI Bank, the Reserve Bank has given a 12-year timeframe. "We would not want to wait that long, especially when we are also going to be listed, but we have to find some ways to unlock value in IDBI Bank," Kumar told reporters here on Friday. He said once the bank comes out of the lending restrictions imposed by the RBI under the Prompt Corrective Action (PCA) framework and becomes profitable, the bank would be able to attract investors. "Once they come out of the PCA and start lending again, I believe that their profitability will go up substantially and also attract investors," he said. IDBI Bank, which is under PCA framework since May 2017, had met RBI in January to seek lifting of the operational restrictions, had earlier reported. The lender had made a presentation to the RBI on its improved financial position. The government holds 47.11 per cent stake in IDBI Bank, while 51 percent is with LIC. This leaves practically nothing for investors, as its floating shares are only 3 per cent of the paid-up equity. Sitharaman had said the government would want to tap the retail investor segment to sell its stake completely. Kumar said the stake sale by the government in IDBI Bank will help bring in more retail investors. "Once the stake sale happens, people will show more interest in the scrip, because as of now with 51 per cent with us and over 47 (per cent) with the government, there is hardly any free float to give value to shareholders," Kumar said. When asked about the IPO's timing, Kumar refused to give any timeline. "Yes, the finance secretary was on record saying listing will happen in the H2 of FY21. We have to work it out. I don't know how long it takes for the very simple reason that we are doing for the first time," he said. Finance Secretary Rajiv Kumar had on Sunday said the LIC IPO may be done in the second half of FY21. The LIC chairman said the listing would need some legislative changes in the LIC Act. "Basic amendment to the LIC Act would be required," he said. Explaining further, the corporation's appointed actuary Dinesh Pant said, "LIC (Act) has got a Section 24 where the entire fund of the corporation is a controlled fund which is under one fund. So how will be now be bifurcated. There is Section 28 about dividend distribution and so all those things have to be taken care of." He also said it needs to be seen how Section 37,which talks about the sovereign guarantee, is amended. Spelling out the priorities in the run up to listing, he said the focus would be on creating right perception in the market and to work on the process of valuation. He also said the policyholders and employees will not have any impact due to the listing. Earlier this week, nearly 1 lakh employees of the corporation staged an hour-long walkout against the IPO plans. HV BEN ABMABM

Looking to unlock value in IDBI Bank: LIC chief

New Delhi, Feb 3 () The government will protect the interest of policyholders of LIC, which is likely to go public in the next financial year, Minister of State for Finance Anurag Thakur has said.
Listing of LIC will help bring in greater transparency, public participation and also deepen the equity market, he said.
"Government came out with the idea (LIC listing). The details will follow and it will be in the interest of LIC and its policyholders. Interest of LIC and policyholders will be safeguarded," he told in an interview.
Asked about quantum of stake sale, he said, once the amendment to the LIC Act is finalised you will get all the details.
"LIC have an independent set-up to decide where they want to invest even today and what will continue in the next format that would come into light as well in the future," he said.
Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 on Saturday proposed to sell a part of government stake in LIC through an initial public offer next fiscal.
The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank in the next fiscal out of total disinvestment target of Rs 2.10 lakh crore.
The government currently owns 100 per cent in LIC, while it holds around 46.5 per cent stake in IDBI Bank.
Assuring that the numbers presented in the Budget as realistic, Thakur said several measures announced in the Budget will help boost economy and meet nominal GDP growth target of 10 per cent set in the Budget.
"Just three four months back the government announced corporate tax rate cut. It takes some time to implement that at the grassroot level. So, you will see impact of that in some time. That is why we have not said 7.5 per cent, we have said 6.5 per cent (growth). And that is a real and genuine numbers we are looking at," he said.
Besides, he said, the revenue and expenditure target for the next fiscal are very much achievable.
The Budget has pegged total receipts at Rs 22.46 lakh crore and expenditure at Rs 30.42 lakh crore 2020-21 keeping in mind government's commitment towards various schemes and need for improvement in quality of life of the people.
Terming this year's Budget as 'Jan Jan Ka Budget', Thakur said, every strata of the society has been taken well into consideration and major reforms have been undertaken benefiting youth, women, farmers, investors and middle class.
The government has provided Rs 2.83 lakh crore for agriculture, farmer welfare and rural development.
"Doubling farmers' income is an agenda for the next two years. We have already fulfilled the commitment of one and a half times of cost of production of farmers which government had promised," he said.
With the announcement of 'Kisan Rail' and 'Krishi Udaan' to be launched by Indian Railways and Ministry of Civil Aviation, respectively, for a seamless national cold supply chain for perishables, this too will serve beneficial as it will aid farmers in facilitating smooth and fast transport of perishable goods, he said.
In addition, the government has increased agriculture credit target to Rs 15 lakh crore for the next fiscal.
Thakur said, "from the startups to education, internship to apprenticeship many announcements have been done...So, I think more young entrepreneurs, more startups we are going to see...We see India moving to top three startup countries in the world in the next couple of years".
With regard to helping the MSME sector, he said, the government has asked the RBI to consider extending debt restructuring window by another year till March 31, 2021.
More than five lakh MSMEs have benefitted from restructuring of debt permitted by the Reserve Bank of India in the last year, he said. DP BAL

Interest of LIC policyholders will be protected, says Anurag Thakur

Listing of <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and sale of government's stake in IDBI Bank may be delayed beyond March 2021, due to depressed valuation amid COVID-19 pandemic. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank out of total the disinvestment target of Rs 2.10 lakh crore during the current fiscal. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 had announced stake sale in LIC through an initial public offer in the current financial year. <div type="Youtube" id="WYbWln2KsuA" title="Budget 2020: LIC to get Privatised" thumbUrl="https://i.ytimg.com/vi/WYbWln2KsuA/mqdefault.jpg"></div> Given the prevailing market situation, it seems to be difficult to do the LIC stake sale in the current fiscal as the situation is not conducive, sources said. Besides, they said, there will not be a matching appetite for the mega issue of LIC in the present market condition. Due to COVID situation, the government recently for the second time extended the deadline for bidding for privatisation of India's second-biggest oil marketing company Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank. The sources said, the government will have to cut down its expected realisation from stake dilution of both LIC and IDBI Bank even if the market condition improves. So, selling them at low valuation would be an imprudent decision, they added. Besides valuation, the sources said, listing of LIC involves a lot of regulatory clearances and more importantly amendment to the LIC Act itself. Market participants had already termed the listing of insurance behemoth LIC as IPO of the decade akin to the Saudi Aramco listing. The 60-year-old state-owned firm, LIC is the country's largest insurer, controlling more than 70 per cent of the market share. The insurer has a market share of 76.28 per cent in number of policies and 71 per cent in first-year premiums. LIC has many subsidiaries, including IDBI Bank. Turning the corner, IDBI Bank on Saturday posted a profit of Rs 135 crore for the March quarter on account of recoveries from bad loans. The lender reported a profit after 13 straight quarters of net losses. The bank had posted a net loss of Rs 4,918 crore in the corresponding period of last year. In January 2019, LIC completed acquisition of 51 per cent controlling stake in the lender. The state-owned life insurer infused Rs 21,624 crore into the bank. The bank, which is under the Reserve Bank of India's prompt corrective action (PCA) framework, said it has achieved all PCA parameters for exit except return on asset. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-moves-to-unlock-value-from-insurance-behemoth-lic-whose-corpus-is-at-31-lakh-crore/articleshow/73836245.cms">The biggest IPO of the next financial year ⁠— LIC, whose corpus is at ₹31 lakh crore</a> <a href="https://www.businessinsider.in/business/news/nirmala-sitharaman-says-the-lic-ipo-will-benefit-retail-investors/articleshow/74008705.cms">Nirmala Sitharaman says the LIC IPO will benefit retail investors</a> <a href="https://www.businessinsider.in/business/news/govt-to-retain-management-control-in-lic-after-listing-sitharaman/articleshow/74459403.cms">Govt to retain management control in LIC after listing: Sitharaman</a>

India's largest-ever IPO may be shelved until next year

Mumbai, Feb 14 () Mortgage lender LIC Housing Finance on Friday said it has identified 14 projects to be referred to the alternative investment fund (AIF), set up by the government for last-mile funding, a top company official said.The housing finance company is the sole lender to these 14 real estate projects and has a total exposure of Rs 1,400 crore to them.In an effort to boost the ailing real estate, the government in November last year had approved setting up of a Rs 25,000 crore bailout fund.The government said the AIF will act as a 'special window' to provide loans to over 1,600 incomplete affordable and middle-lower income housing projects. The fund is managed by SBI Caps."We have some 14 projects (eligible) for the alternate investment fund created last year. We have advised those developers to be in touch with SBI Caps and the process has started," LICHFL's managing director and CEO Siddhartha Mohanty told reporters after launching its mobile app.He said all these 14 projects need last-mile funding.LICHFL on Friday said it has adopted google cloud to power its next generation digital mobile platform and serve the needs of home loan applicants.The mobile application provides instant eligibility for pre-approval home loan based on the KYC and other data provided by the applicants.In the quarter ended December 31, 2019, LICHFL reported a flat profit after tax at Rs 597.53 crore due to higher provisioning of Rs 390 crore for bad loans.Its net profit in the year-ago period was Rs 596.31 crore.During the period, the stage 3 exposure at default or NPAs increased to 2.73 per cent as against 1.25 per cent in the same period last year. HV BALBAL

LIC Housing Finance identifies 14 projs for alternative investment fund

<keyword id="6367143" type="ORGANIZATION" weightage="80" keywordseo="LIC">LIC</keyword> <keyword id="100080" type="ORGANIZATION" weightage="80" keywordseo="housing-finance">Housing Finance</keyword> has blocked realty developer Orbit Corporation's premium residential project in Mumbai to recover its dues. 

	The lender had taken possession of the property following the developer defaulting on loans worth Rs 96 crore out of total due of Rs 250 crore, reported the Economic Times. 
 LIC Housing Finance will auction a property belonging to Orbit Corporation, one of the leading <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> developers in Mumbai, for default of loans. 

	It has invited bids under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act and has kept a reserve price of Rs 125 crore for the 9,083 sq metre or over 90,000 sq ft property.
 

	Bidders can send bids by July 30.
 

	LIC Housing Finance had marked about 26,000 sq ft at Orbit's Lower Parel project Orbit Grand, 1.70 lakh sq ft at project Orbit Residency Park in Andheri and 45,600 sq ft space at Orbit Midtown at Lower Parel for its dues. 

	 
	(Image: Indiatimes)

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