Risk high inflation to go flat out for growth. That approach of the budget so enthused markets that the Nifty rose 237 points. It is a courageous gamble, but a gamble nevertheless, so keep your fingers crossed. Most budgets are about taxes, but this one makes only marginal tax changes. Tax stability is a virtue. … Read more
Initial public offerings have gotten off to a rough start of the year. Globally, $26.7 billion worth of IPOs have priced, marking a 60% drop from the same period a year earlier. Now, pulled deals are piling up under pressure from roiling markets. The prospect of interest rate hikes combined with slowing economic growth and … Read more
NEW DELHI: The Indian government has asked regulators for a swift review of Life Insurance Corporation’s draft prospectus, two government sources with knowledge of the matter said – as it pulls out all the stops to have the country’s biggest IPO completed by the end of March. The Securities and Exchange Board of India (SEBI) … Read more
Capital markets regulator Securities and Exchange Board of India (Sebi) has started a drive to recruit 120 senior executives as it beefs up headcount ahead of the initial share sale by Life Insurance Corp. of India, in what will be the nation’s biggest public issue. Sebi will be recruiting experienced officials across legal, information technology, … Read more
Chief Economic Adviser Krishnamurthy Subramanian on Saturday expressed confidence that the listing of LIC would happen by the fourth quarter of this year. “…this year’s budget has Rs 1.75 lakh crores as the proceeds from privatisation. Air India is proceeding well. You must have read that there are two bids that have come. Bharat Petroleum … Read more
The government is looking to complete at least three public sector disinvestment transactions before rolling out the mega initial public offer (IPO) of Life Insurance Corporation of India early next year, a finance ministry official said. At least three firms – National Fertilisers Ltd, Mishra Dhatu Nigam Ltd and Rashtriya Chemical & Fertilizers Ltd – … Read more
NEW DELHI: Companies that have a market capitalisation of more than Rs 1 lakh crore at the time of listing can now sell just five per cent of their shares, with the latest amendment in rules, a move that will be beneficial for the government during the proposed initial public offer of LIC. Such entities … Read more
By Siddhartha Singh India is poised to hire Deloitte Touche Tohmatsu India Ltd. and SBI Capital Markets Ltd. to help Life Insurance Corp. of India prepare for an initial share sale, people with knowledge of the matter said. The advisers will help evaluate the capital structure of India’s biggest insurer as well as aid the … Read more