State-run Life Insurance Corporation of India (LIC), which is planning the country`s largest Initial Public Offering (IPO) next month, is well capitalised, the company`s chairman M.R Kumar said on Monday.
Kumar said LIC`s potential investors should not worry about government control post the IPO as decisions in the country`s largest insurance company are taken by its board and not by the government, which will hold 95 per cent of stake post the IPO, the Reuters reported.
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As per the report, LIC is planning to sell a 5% stake to raise about $8 billion next month, which could make it India`s largest IPO by far. The company has filed DRHP with SEBI on February 13, 2022. The issue will be opened for the public in March.
LIC has given advertisements in all newspapers regarding IPO announcing that Demat accounts will also be opened in Common Service Center. The Life Insurance Corporation of India (LIC) has submitted Draft Red Herring…