On February 13, LIC had filed the DRHP with the regulator with financial results up to the September quarter of the current fiscal, and received its approval on March 8.
Life Insurance Corporation of India (LIC) has filed an updated draft red herring prospectus (DRHP) for its proposed initial public offering (IPO) with the Securities and Exchange Board of India (Sebi) by including the December 2021 quarter results. The updated prospectus was promptly approved, an official told FE on Monday.
On February 13, LIC had filed the DRHP with the regulator with financial results up to the September quarter of the current fiscal, and received its approval on March 8.
With the current set of approvals from Sebi, LIC can bring the IPO before May 12. If the issue is delayed further then the DRHP would need significant changes, including an updated embedded value of the insurer, sources had said earlier. The IPO, which was originally planned in March, was delayed due to choppy market conditions after the Russia-Ukraine war broke out.
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 pegged LIC’s embedded value at Rs 5.4 trillion. The government is planning to raise at least Rs 65,000 crore via the IPO by offloading a 5% stake.