March 24, 2023

There’s buzz, interest in market for LIC IPO: Nirmala Sitharaman – Times of India

NEW DELHI: Amidst the ongoing buzz around Life Insurance Corporation of India‘s (LIC) market debut, the finance minister on Tuesday assured that the government will go ahead with it.
Addressing a post-budget outreach press conference, the finance minister said that there’s a lot of buzz and interest in stock market for India’s biggest initial public offering (IPO).
The finance minister also expressed concern over the persisting market conditions and said that the government is equally thinking of it for the LIC IPO.

Sitharaman’s statement comes at a time when prospective investors are supposedly seeking assurances over government control of the insurer, news agency Reuters had reported quoting sources.
In virtual roadshows for the biggest ever public listing, LIC management and the IPO bankers have been peppered with questions about the insurer’s past investments and their quality, the agency had said.

On soaring crude prices, the finance minister said that it is a challenge and was discussed at meeting on financial stability with heads of banks, NBFCs and financial institutions.

She further assured that the government is watching Russia-Ukraine crisis closely and the impact is yet to be felt on trade.
“We are careful that our exporters do not suffer,” Sitharaman said.
(With inputs from agencies)

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