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Federal Government Extends IPO-Bound LIC Chairman's Period By A Year

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Federal government has actually extended the period of LIC chairman by one yearNew Delhi: Federal government has extended the period of IPO-bound Life Insurance Corporation of India's (LIC) chairman M R Kumar by another year, to ensure problem-free listing of the business, sources said.Apart from this, the government has likewise extended the period of one of the handling directors, Raj Kumar, by one year.With the extension, M R Kumar will continue as chairman of LIC till March 2023, sources said.This is the 2nd extension for the LIC chairman.

In 2015 in June, he was given a nine-month extension in view of LIC's proposed going public (IPO) towards completion of the current monetary year.The government had extended the regard to M R Kumar from June 30, 2021, till March 13, 2022, the date when he completes three years, sources informed.The federal government is aiming to list LIC throughout the existing fiscal year in line with the budget plan announcement.In her budget plan speech, finance minister Nirmala Sitharaman had actually stated the IPO of LIC will be floated in 2021-22 as part of the ambitious Rs 1.75-lakh crore disinvestment target.The federal government owns a 100 percent stake in LIC.

Once listed, it is likely to end up being the country's most significant company by market capitalisation with an approximated appraisal of Rs 8-10 lakh crore.Meanwhile, the federal government has actually substantially increased the authorised capital of LIC to Rs 25,000 crore from Rs 100 crore to help with the listing.




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