LIC IPO takes a big step forward as the Cabinet Committee for Economic Affairs (CCEA) has approved part divestment of the government stake in Life Insurance Corporation of India (LIC) through an initial public offering (IPO).
Now that the Cabinet has cleared disinvestment of the country's largest insurer LIC, a panel headed by the finance minister will now decide on the quantum of stake dilution, a senior official. The backend for the IPO is prepped and ready as all the 27 legislative amendments to LIC Act 1956 have also been put into effect.
The street expects the LIC IPO to garner a whopping Rs 1 lakh crore via it's initial offering to the public.