Government-owned insurer Life Insurance Corporation of India (LIC) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
As per the draft, LIC will offload 316.25 million shares (over 31 crores), an offer representing 5 percent equity.
The IPO is 100 percent offer for sale (OFS) by Government of India and no fresh issue of shares by LIC, said DIPAM secretary Tuhin Kanta Pandey. If approved, it will be listed in March 2022, and will be India's largest share sale.
The embedded value of LIC as of September 30, 2021, stood at Rs 5.4 crore. As of March 2021, the assets under management (AUM) stood at Rs 31 trillion.
Editor’s Pick: Being a rarity to ruling the hearts of listeners
What’s common to shopping, a road trip, or the morning commute? It’s the radio, the ubiquitous friend in the background, delivering entertainment, music, local news, sports updates, discussions, and much more. The radio has been part of our life for a long time now. Read more.
Startup Spotlight
Helping traditional retailers go online
Founded in 2016 by Jasmeet Thind and Mahima Kaul, Mumbai-based social commerce startup CoutLoot helps traditional shopkeepers and street vendors sell online by automatically cataloguing their offline inventory, providing logistics, payment, and reconciliation support. Read more.
Startup Spotlight
Starting a baby apparel company
After discovering how chemicals, heat, and toxins in baby clothes and beds easily get absorbed by a baby’s thin and delicate skin, three college friends — Surya Prabha, Sakthipriyadharshini, and Gayatiri — launched BeeLittle, a toddler garment and accessories startup. Read more.
Before you go, stay inspired with…
“Dare to dream big and dare even more to make that dream come true.”
Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!