Page 8 - Lic

LIC gets central bank approval to hike stake in IndusInd Bank to 9.99%

LIC is one of the biggest institutional investors in India's stock market and has a stake in a number of private and public sector banks.

Ahead of IPO, LIC lowers net NPA to 0.05%, improves asset quality

Ahead of its proposed initial public offering (IPO), insurance behemoth LIC has improved its asset quality for the financial year ended March 2021. The non-performing assets (NPAs) as of March 31, 2021, are Rs 35,129.89 crore out of a total portfolio of Rs 4,51,303.30 crore, according to the latest Annual Report of Life Insurance Corporation of India (LIC). The sub-standard assets are Rs 254.37 crore whereas the doubtful assets are Rs 20,369.17 crore and loss assets are Rs 14,506.35 crore. An amount of Rs 34,934.97 crore is provided as per IRDAI guidelines in the books of accounts towards non-performing assets, it said. The percentage of gross NPA is 7.78 per cent while the net NPA is 0.05 per cent at the end of March 2021. This is lower than gross NPA of 8.17 per cent (as a percentage of its debt portfolio) and net NPA of 0.79 per cent in the previous year. In absolute terms, the NPA was Rs 36,694.20 crore out of a total debt of Rs 4,49,364.87 crore in 2019-20. Stress threshold

LIC asks its policyholders to update PAN details for participation in IPO

As per the proposed plan, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders

LIC gets RBI's nod to increase stake in Kotak Mahindra Bank to 9.99%

According to the central bank norms, prior approval of the RBI is required to increase stake in private banks beyond 5%

LIC Mutual Fund looks to take cumulative AUM to Rs 25,000 cr by March

It hopes to double its recently launched equity fund to Rs 2,000 crore by the end of December and close the fiscal year

Market wrap: Sensex falls for a second day; Nifty ends below 17,900

Cabinet approves Rs 6,466-crore fund for telecom infra; LIC IPO expected by Q4, says DIPAM secretary; Go Fashion IPO sails through on first day

LIC's tepid show pulls life insurers' new business premium down 5% in Oct

Private life insurers total APE and individual APE up 19% and 23% respectively

Top headlines: Economy takes 'formal' leap, Apple's India revenue doubles

Business Standard brings the top headlines at this hour

Top Headlines: Deficit pegged at 6.8%; LIC listing reads Zomato IPO menu

Tax revenues may not narrow deficit; food, fertiliser subsidies to overshoot budget estimate. More on that story in top headlines.

Govt aims big for LIC IPO, inspired by Zomato; eyes Rs 10 trn valuation

Valuers are expected to finalise embedded value of LIC this month

Air India sale kicks off privatisation drive, next up LIC listing: Official

Tuhin Kanta Pandey, spearheading the drive to sell state enterprises or shut them down, said the government hoped to complete the valuation exercise of LIC by November-December

Ground-handling arm of Air India to be monetised first: DIPAM Secy

In a Q&A, Tuhin Kanta Pandey says govt has started initial investor outreach for the LIC IPO, and investment bankers are working on a strategy

Life insurers see impressive 22% YoY growth in new business premium in Sept

While private insurers, 23 in total, saw their NBP go up over 42%, LIC saw a 12 per cent rise

LIC IPO: Govt may not need to amend any law to permit foreign participation

Foreign participation would be allowed as per the listing norms of the Securities and Exchange Board of India (SEBI) and the extant sectoral FDI guidelines

Govt to amend rules, allow 20% foreign investment in LIC IPO: Report

Government officials are due to meet and discuss the proposal as early as Wednesday afternoon in New Delhi, says Bloomberg.

Govt push on Air India sale slows down other privatisation proposals

Next on the priority list is said to be LIC IPO

LIC to file draft IPO papers with Sebi by November, says FinMin official

Once the draft red herring prospectus (DRHP) is filed, merchant bankers will hold global and domestic road shows for investors by January, the official said

IPO-bound insurer LIC invites applications for post of CFO

The last date for submitting application is October 12, 2021, it said.

Govt shortlists four law firms to assist LIC IPO after failed first attempt

Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas will make a representation before govt on Friday

Law firms bid to work on India's LIC IPO as government sweetens terms

After the law firms showed no interest, the government revised its offer twice this month, limiting the timeline of the LIC's IPO work and offering a part payment during the IPO process, not just at t