LIC IPO: Insurer will get market regulator SEBI’s approval for preliminary supply | Companies News

New Delhi: The market regulator Securities and Exchange Board of India (SEBI) has accredited the preliminary public providing proposal of the Life Insurance Corporation of India (LIC), sources stated on Wednesday.

The SEBI’s approval got here 22 days after the government-run LIC filed a draft paper for the IPO.

LIC had filed the Draft Red Herring Prospectus (DRHP) with the market regulator SEBI on February 12.

Sources stated the SEBI has issued the commentary letter to the Life Insurance Corporation of India for the IPO. This is without doubt one of the quickest approvals given by the market regulator for an IPO. Also Read: BharatPe in hassle? GST authorities broaden probe into alleged tax evasion

As per the DRHP, as much as 31,62,49,885 (31.62 crores) fairness shares will likely be on supply by means of the supply on the market (OFS), representing 5 per cent of the fairness stake of Life Insurance Corporation of India. Also Read: After SBI, HDFC and BoB, Kotak Mahindra Bank revises FD rates of interest

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