On Saturday, the Cabinet gave its approval for up to 20% FDI in IPO bound LIC via the automatic route. This route shall indeed help in divestment of the country's largest public insurer.
lic ipo
As per the PTI inputs, the decision in this regard has been taken by the Cabinet, headed by Narendra Modi. The government approved listing of LIC on the stock exchanges via the IPO by partly selling of its stake in the entity and raising fresh equity.
In accordance with the SEBI ruling, both FPI and FDI are allowed under the public issue. Further as per the current FDI policy, the foreign inflows ceiling for PSBs is pegged at 20% under government approval route, so it has been decided to allow foreign investment of up to 20% for LIC and such similar corporate bodies.
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