INSUBCONTINENT EXCLUSIVE:
LIC last month appointed six independent directors on its boardNew Delhi: Ahead of its initial public offering (IPO), Life Insurance
Corporation (LIC) last month appointed six independent directors on its board to meet regulatory norms of corporate governance.LIC appointed
former financial services secretary Anjuly Chib Duggal, ex- Securities Exchange Board of India (SEBI) member G Mahalingam and former SBI
Life managing director Sanjeev Nautiyal, sources said.Besides, chartered accountant MP Vijay Kumar, Raj Kamal, and V S Parthasarathy have
also been roped in as independent directors on LIC's board.With these appointments, the total number of independent directors goes up to
nine and all vacancies are filled.Fulfilling corporate governance norms is an important element for filing Draft Red Herring Prospectus
(DRHP) with the SEBI.The central government is expected to file draft papers for the mega initial public offering of LIC with market
regulator Sebi by this week, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey had said.The embedded
value of LIC has been arrived at and it is over Rs 5 lakh crore
The size of the issue would be mentioned in the DRHP.The issue, after approval of SEBI, is likely to hit the market in March, Mr Pandey
said.Up to 10 per cent of the LIC IPO issue size would be reserved for policyholders.LIC's listing is crucial for the government to meet the
lowered revenue estimates of Rs 78,000 crore for the current financial year.Till now, the Centre has raised around Rs 12,000 crore from
privatisation of Air India and stake sale in other PSUs.To facilitate smooth listing of the insurance behemoth, the government last week
extended the tenure of LIC chairman M R Kumar for one year.Besides, the government has also extended the tenure of one of the managing
directors, Raj Kumar, for 12 months.This is the second extension for the LIC chairman
Last year in June, he was given a nine-month extension in a view of LIC's proposed initial public offering towards the end of the current
