On February 13, LIC had submitted the DRHP to the regulator with financial results to the September quarter of the current fiscal year, and received approval on March 8.
Life Insurance Corporation of India (LIC) has submitted an updated draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO) incorporating its December 2021 quarterly results. The updated prospectus was immediately approved, an official told FE on Monday.
On February 13, LIC had submitted the DRHP to the regulator with financial results to the September quarter of the current fiscal year, and received approval on March 8.
Sebi’s current set of approvals will allow LIC to launch the IPO before May 12. If the matter is delayed further, the DRHP would require significant changes, including an updated insurer’s embedded value, sources had previously said. The IPO, originally scheduled for March, was postponed due to turbulent market conditions after the war broke out between Russia and Ukraine.
LIC has reported a net profit of Rs 234.91 crore for the December quarter, up from Rs 94.23 lakh a year ago. The DRHP has fixed the embedded value of LIC at Rs 5.4 trillion. The government plans to raise at least Rs 65,000 crore through the IPO by transferring a 5% stake.
This post LIC IPO Gets Sebi Nod For Updated Draft Documents
was original published at “https://www.financialexpress.com/market/lic-ipo-gets-sebi-nod-for-updated-draft-papers/2467211/”
