Government to hire Deloitte Touche Tohmatsu India, SBI Capital to assist LIC to prepare for IPO
2020-08-24According to news reports, LIC India is poised to hire Deloitte Touche Tohmatsu India and SBI Capital Markets to help Life Insurance Corp. of India prepare for an initial share sale. The advisers will help evaluate the capital structure of India’s biggest insurer as well as aid the company in reworking its financial statement, according to a tender document issued in June. The government will soon invite bids seeking firms to value LIC.
Prime Minister Narendra Modi’s government is keen to go ahead with the initial public offering - potentially India’s biggest - to help plug a widening budget gap. The coronavirus pandemic has prompted the administration to boost market borrowing as revenue slumped following a nationwide lockdown.
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