In the midst of volatility in the stock market produced by tensions between Russia and the US for Ukraine, the chairman of Lic Kumar said on Monday that the insurance giant oversees the geo-political situation carefully, even though it was interested in IPO listings in March.
The Life Insurance Corporation (LIC) has submitted DRHP with the effects and Exchange Board of India (SEBI) for IPO (IPO).
“We are watching the situation carefully and carefully … But we are very interested in having listings in March,” Kumar said, when asked about the impact of the geopolitical situation that developed on the upcoming IPO. This will be the biggest IPO ever, which proposes to collect RS 63,000 Crore by selling 5 percent of government shares through offers for sale (OFS).
There are several shadows of geopolitical tensions between Russia and NATO for Ukraine in foreign capital from India. Foreign Portfolio Investors (FPI) have attracted RS 18,856 Clean Crore from the Indian market in February so far amid geopolitical tensions and opportunities for interest rates by the US Federal Reserve.
In accordance with deposit data, foreign investors issued Rs 15,342 crore from equity and RS 3,629 crore from the bond market between February 1-18. At the same time, they invested Rs 115 Crore in hybrid instruments. It was translated into a net outflow of Rs 18,856 Crore during the period being reviewed. This is the fifth month sequential from the flow of foreign funds.
LIC public problems will be the biggest IPO in the history of the Indian stock market. After being registered, the LIC market assessment will be proportional to top companies such as RIL and TCS. The IPO from LIC is estimated in March and the results will be very important to meet the RS 78,000 Crore Revised Disinvestment target at the current fiscal.
Lic stock capital was raised from Rs 100 Crore to Rs 6,325 Crore during September last year to help facilitate IPOs. Last month, Lic reported earnings after RS 1,437 crore tax for the first half of the financial year 2021-22 compared to Rs 6.14 Crore in the period last year.