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Citigroup, Kotak Mahindra, Among 10 Others Selected To Manage LIC IPO

Life Allowance Corporation (LIC) IPO is planned for this budgetary year

India has alleged 10 advance banks including Goldman Sachs, Citigroup, and SBI Capital Market to handle the antecedent accessible alms of Life Allowance Corp of India, two government sources said, in what is set to be the country's biggest-ever IPO.

The government expects to accession Rs 80,000 crore-Rs 90,000 crore from its pale auction in Life Allowance Corp (LIC), as allotment of its affairs to accession Rs 1,750,00 crore from a privatisation programme in the accepted budgetary year catastrophe in March.

A apostolic panel, alleged the Alternative Mechanism on cardinal Divestment, is accepted to adjudge anon on the admeasurement of the pale to be sold. It could be about 10 per cent, awash in two tranches, the two government sources said.

LIC, India's better allowance aggregation with assets of over Rs 3,40,000 crore, has a accessory in Singapore and collective ventures in Bahrain, Kenya, Sri Lanka, Nepal, Saudi Arabia and Bangladesh.

"The abeyant admeasurement of the IPO is accepted to be far beyond than any antecedent in Indian markets," one of the sources said, abacus that roadshows would be captivated in advancing months in all above all-around banking centres to allure investors.

Sixteen banks including seven all-around banks and nine calm coffer had been in the chase to handle the IPO.

The added alleged lenders are JM Banking Ltd, Axis Capital, Nomura, BofA Securities, J.P. Morgan India Pvt Ltd, ICICI Securities and Kotak Mahindra, said the source, who beneath to be articular as he was not authorised to allege to the media.

JP Morgan, Citigroup, BofA and Goldman Sachs beneath to comment, while Nomura, JM Finance, Axis, Kotak and others were not anon accessible for a comment. A accounts admiral agent was not anon accessible for comment.

The government would accomplish all efforts to allure retail investors and advisers to advance in the company, one of the sources said.

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