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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

State-owned <keyword id="125413" type="CITY" weightage="100" keywordseo="Life-Insurance-Corp">Life Insurance Corp</keyword> of India (<keyword id="6367143" type="ORGANIZATION" weightage="100" keywordseo="LIC">LIC</keyword>) has purchased nearly 90 per cent of Indian Oil shares sold by the government in its Rs 9,379 crore disinvestment; thus its stake in the state-run oil marketing firm went up from 2.52 per cent to 11.11 per cent. The insurer bought as many as 20.87 crore shares or 8.59 per cent of <keyword id="6354733" type="ORGANIZATION" weightage="100" keywordseo="IOC">IOC</keyword>, according to a filing by LIC. 

	The government had yesterday announced that its biggest disinvestment of the fiscal was subscribed 1.18 times. 
 

	IOC listed "OFS and Open Market" as the mode of LIC's acquisition done on August 24. 
 

	The government had offered 24.28 crore shares for sale through the OFS whose floor or minimum bid price was set at Rs 387 apiece. 
 

	While overall, the issue was subscribed by 1.18 times the retail investors picked up less than one-fifth of their quota on a day when global meltdown wiped away a massive 1,624 points or nearly 6 per cent from the benchmark BSE Sensex. 
 

	IOC shares dipped to Rs 378 on Monday as against the auction floor price of Rs 387. 
 Disinvestment Secretary <keyword id="2584302" type="PERSON" weightage="100" keywordseo="Aradhana-Johri">Aradhana Johri</keyword> had termed the sale as highly successful given the market conditions and said with this the government has managed the best-ever first half disinvestment collections in seven years. 

	Together with three other disinvestments since April, the government has mopped up over Rs 12,600 crore, or a little less than one-fifth of the yearly target of Rs 69,500 crore. 
 

	The stake sale had managed to get total bids for Rs 11,107 crore for 28.74 crore shares, against offer of 24.28 crore shares. 
 

	Retail investors, who are offered shares at 5 per cent discount, i.e. Rs 367.65, picked up only 18 per cent of their quota of 4.85 crore shares. 
 

	Institutional investors put in bids for 27.85 crore shares or 1.43 times the 19.42 crore shares reserved for them. 
 

	Asked if LIC was asked to bail out the stake sale, Johri had yesterday stated that "Calls are made to all investors. Right along the line calls are made to every investor by us, by our merchant bankers in a situation of crisis like this to every actor. We even spoke to stock exchanges". 

	 
	 
	(Image credits: securenow)

LIC buys 90 per cent of Indian Oil shares, stake went up to
11.11 per cent

New Delhi, Mar 16 () Capital markets regulator Sebi has sought clarifications from merchant bankers of the proposed initial public offering of National Commodity and Derivatives Exchange Limited (NCDEX), which last month filed draft papers to raise an estimated Rs 500 crore. The IPO comprises a fresh issue aggregating up to Rs 100 crore and an offer for sale of up to 1,44,53,774 stocks by shareholders, according to the draft red herring prospectus (DRHP). In an update on March 13, the regulator said it is awaiting response to the clarification sought on March 12 from the lead manager of the public issue. However, details of the clarification sought for the IPO could not be immediately ascertained. The public issue is expected to raise about Rs 500 crore, including from the fresh offering of shares, merchant banking sources said. After BSE and MCX, this would be the third listing by an exchange. Build India Capital Advisors LLP, Canara Bank, Indian Farmers Fertiliser Cooperative, Investcorp Private Equity Fund I are among the selling shareholders. Jaypee Capital Services, National Bank for Agriculture and Rural Development, Oman India Joint Investment Fund and Punjab National Bank will also sell their stakes. Some of the key investors in NCDEX include National Stock Exchange of India, Life Insurance Corporation of India and National Bank for Agriculture and Rural Development. Indian Farmers Fertiliser Co-operative, Oman India Joint Investment Fund (OIJIF), Punjab National Bank, Canara Bank, Build India Capital Advisors LLP, and Investcorp Private Equity Fund I also have stakes in the exchange. The National Stock Exchange (NSE) holds 15 per cent stake in the leading agricultural commodity exchange, while LIC and NABARD have 11.10 per cent each, IFFCO 10 per cent, OIJIF 10 per cent and Punjab National Bank 7.29 per cent, among others, according the DRHP. NCDEX has proposed to utilise the net proceeds towards contribution to the core settlement guarantee fund, net worth requirements of National Commodity Clearing Limited and general corporate purposes, as per the document. The book running lead managers to the offer are ICICI Securities and SBI Capital Markets. ICICI Securities is the coordinating lead manager for the issue. The exchange offers services across the entire post-harvest agricultural commodities value chain by utilising a varied presence, which has enabled it to create a wide network of stakeholders and market participants. It also engages in research, training and building awareness in agricultural commodities market through NCDEX Institute of Commodity Markets and Research. The shares are proposed to be listed on the BSE and NSE. BJ ABM

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

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LIC buys 90 per cent of Indian Oil shares, stake went up to 11.11 per cent

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Sebi seeks clarification on NCDEX IPO

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