LIC filed draft papers with SEBI for IPO, informed about selling 5% equity

The preparations for the country's biggest IPO have intensified. The Central Government on Sunday filed the draft papers for the Initial Public Offer (IPO) of Life Insurance Corporation (IPO) with the market regulator Securities and Exchange Board of India (SEBI). In these papers, the government has given information about selling about 5% equity in LIC through IPO. According to sources, LIC's IPO is likely to hit the capital market in March.

Tuhin Kant Pandey, Secretary, Investment and Public Asset Management Department (DIPAM) of the Central Government gave this information in a tweet. He said, DRHP has been deposited with SEBI for LIC's IPO today. Sources said that in the draft Red Herring Prospectus (DRHP) filed with SEBI, it has been told that the government will sell 31 crore equity shares of LIC.