State-run Life Insurance Corporation of India (LIC) is likely to launch its much-awaited initial public offer (IPO) soon and also that there would be no impact on policy holders or employees after the company launches its much-awaited initial public offer (IPO).
“There will be no impact on policy holders or employees if company goes public,” Chairman M R Kumar told media.
His comments came in response to the media reports that suggested that LIC unions across the country have started agitations and protests against the government’s Budget 2020 proposal to deprive part of its stake.
He, however, said it was difficult to comment on the valuation of the company. “We haven’t done the math on valuation,” said Kumar. “We have to work it out (IPO). I can’t put a time to it,” he said, adding that the corporation was yet to begin its work on the IPO, and details were yet to be planned.
Kumar added that the Life Insurance Corporation Act, 1956 will have to be amended prior to launching the IPO.
Finance Minister Nirmala Sithamraman proposed that the centre will be offloading its stake in LIC via an IPO, as a part of its mega 2.1 lakh crore divestment plans.
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