LIC will be IPO of the decade, akin to Saudi Aramco listing

Employees' Unions Oppose Govt Plan to Sell Stake in LIC

Employees' Unions Oppose Govt Plan to Sell Stake in LIC

This government has divested Rs 18,094.59 crore so far this year.

The government on Saturday pegged disinvestment target for 2020-21 at Rs 1.20 lakh crore, almost double of Rs 65,000 crore it expects to raise in the current financial year.

Market mavens said LIC could become the biggest listed firm by market capitalisation, toppling Reliance Industries Ltd, which is the most valued company with a market cap of Rs 8.76 lakh crore.

She also said the government's balance holding in IDBI bank will be sold to private retail investors.

On November 20 previous year, the Cabinet Committee on Economic Affairs approved stake sale in five public sector entities, namely BPCL, Container Corporation, North Eastern Electric Power Corporation, Shipping Corporation of India and Tehri Hydro Development Corporation. The Centre now holds 47.11 per cent, while LIC is the majority shareholder with a 51 per cent stake in IDBI Bank.

CDC confirms 8th coronavirus case in the U.S.
Japan and Germany also advised against non-essential travel to China and Britain did as well, except for Hong Kong and Macao. Indonesia also sent a plane, sparking rowdy protests from residents living near a military base that will house evacuees.

In 2019-20, after a gap of 2 years, the government has missed the disinvestment target set in Budget.

According to finance secretary Rajeev Kumar, the government expects to raise Rs 90,000 crore through sale of stakes in state-owned life insurance company LIC and IDBI Bank.

The listing of LIC is part of the government's disinvestment initiative. It also gives opportunity for retail investors to participate in the wealth so created.

The government had earlier listed the shares of General Insurance Corporation and New India Assurance through IPOs three years ago. The Government plans to expand the ETF portfolio by including stocks of PSBs, public sector insurance firms and public sector financial institutions. The rest of it is expected to come from a stake sale in LIC.

Finance Minister Nirmala Sitharaman has set a high divestment target of Rs 2.1 lakh crore for FY 2020-21. The Corporation realised a profit of Rs 23,621 crore from its equity investment during 2018-19, down 7.89 per cent from Rs 25,646 crore in the previous year.

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