Previously of IPO, Life Insurance Corporation LIC previous month nominated 6 independent directors on its committee to fulfil regulatory standards of corporate administration.
As per the reports, LIC elected former financial assistance secretary Anjuli Chib Duggal, ex-Sebi partner G Mahalingam, old SBI Life MD Sanjeev Nautiyal.
Moreover, CA MP Vijay Kumar, Raj Kamal, and V S Parthasarathy are roped in as independent governors on LIC’s committee.
With the authorization, the total sum of independent directors takes off to 9 and all openings are filled.
Fulfilling corporate governance standards is a crucial component for filing Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India.
DIPAM Secretary Tuhin Kanta Pandey said that The central government is anticipated to document draft articles for the mega preliminary public offering of LIC with market controller Sebi.
The embedded value of LIC has been completed and it is over Rs 5 lakh crore.
Pandey told that The problem, after permission of Sebi, is possible to hit the market in March.
Up to 10% of the LIC IPO problem size would be earmarked for policyholders.
LIC’s listing is important for the administration to fulfil the lowered revenue conclusions of Rs 78,000 crore for the recent financial year.
Centre has put forward around Rs 12,000 crore from the privatisation of Air India and share exchange in additional PSUs.
Moreover, the administration has broadened the term of one of the managing directors, Raj Kumar.
