DRHP for LIC IPO expected in two weeks: DIPAM Secretary

Life Insurance Company (LIC) will file Draft Red Hearing Prospectus for IPO with the market regulator Securities and Exchange Board of India (SEBI) within two weeks, DIPAM Secretary Tuhin Kanta Pandey said on Tuesday.

Pandey told reporters on the sidelines of a press conference on union budget that the Draft Red Hearing Prospectus (DRHP) for LIC's IPO is expected in early February.

"We should not also conjecture what will be the size of LIC IPO because valuation is yet to reach the final conclusion based on which we will do that," the Department of Investment and Public Asset Management (DIPAM) Secretary said.

Sitharaman said at the press conference in response to a query that the LIC IPO is likely in the current financial year.

"We've already told you that in all probability, it is going through this year. I have indicated clearly that it will happen," she said.

Sitharaman said the strategic transfer of ownership of Air India has been completed towards the implementation of the new Public Sector Enterprise policy.

"Nilanchal Ispat Nigam Limited (NINL) has found its buyer. We've been very realistic," she said.

The government today announced it estimates Rs780 billion from divestment in the year through March-end, lower than the Rs1.75 trillion budgeted earlier. It has already raised Rs120 billion by selling stakes in other companies. For the next fiscal, the target is Rs650 billion.

( With inputs from ANI )