LIC has filed Draft Red Herring Prospectus with SEBI, seeking approval for its Initial Public Offering, IPO. Secretary, Department of Investment and Public Asset Management, Tuhin Kanta Pandey has said, the IPO is 100 per cent Offer for sale by government of India and no fresh issue of shares by LIC.
In a tweet, Mr Pandey said, for filing valuation about 31.6 crore shares are on offer representing five per cent equity.
He said, LIC has 66 per cent market share in New Business Premiums with 283 million policies and 1.35 million agents as of 31st March last year. The embedded value of LIC is around five lakh 40 thousand crore rupees.