Companies

Centre to hire Deloitte, SBI Capital to help LIC prepare for IPO

Bloomberg August 22 | Updated on August 22, 2020

India is poised to hire Deloitte Touche Tohmatsu India and SBI Capital Markets to help Life Insurance Corporation of India prepare for an initial share sale, people with knowledge of the matter said.

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, the people said asking not to be identified citing rules on speaking to the media.

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.

A spokesperson for the Ministry of Finance could not immediately be reached outside business hours.

Published on August 22, 2020

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