There is good news for LIC policy holders. The central government has indicated that 10 per cent of the shares in LIC’s IPO can be reserved for its policyholders.
It is worth noting that while presenting the budget for the financial year 2021.22, Finance Minister Nirmala Sitharaman has announced that the disinvestment work of LIC of India will be completed in the next financial year. Will be sold by the market.
Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management, said that 10 per cent of LIC’s IPO can be given to its policyholders. The government intends to make its policyholders a shareholder of the company. The government can make strategic sales in companies like SAIL and BHEL. Apart from this, the government wants to sell BPCL and AI India at the earliest.
Finance Minister Nirmala Sitharaman, while presenting the budget, has set a target of raising twenty two lakh crore rupees through disinvestment in the year 2021-22. Under this, it has also been announced to sell some stake of LIC.
Last year itself, the government announced the disinvestment of companies like LIC, BPCL, Air India, but due to the Corona crisis, these plans failed to take off. Last year, the government had targeted to raise Rs 2.1 lakh crore from disinvestment, but raised only about Rs 20 thousand crore. Now the Finance Minister has announced to launch an IPO of LIC in the next financial year i.e. 2021-22.
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