On Wednesday, Life Insurance Corporation of India's (LIC) proposal for the initial public offering has finally been approved by the market regulator - Securities and Exchange Board of India (SEBI).
The SEBI's approval came 22 days after the government run LIC filed a draft paper for the IPO. On 12 February, LIC had filed the Draft Red Herring Prospectus (DRHP) with the market regulator SEBI.
Sources said the SEBI has issued the observation letter to the Life Insurance Corporation of India for the IPO. This is one of the fastest approvals given by the market regulator for an IPO.
As per the DRHP, up to 31,62,49,885 (31.62 crore) equity shares will be on offer through the offer for sale (OFS), representing 5 per cent of the equity stake of Life Insurance Corporation of India.
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