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The Government is understood to have zeroed in on two pre-initial public offering (IPO) transaction advisors for the much-talked about IPO and listing of insurance behemoth Life Insurance Corporation (LIC).
While Deloitte Touché Tohmatsu India LLP, the consulting advisory arm of Deloitte in India, has bagged this mandate, the other bidder who has made the cut is reportedly Edelweiss Financial Services.
Both Edelweiss Financial Services and Deloitte declined comment on the development.
The pre-IPO transaction advisors among other things are required to advice the Centre on the timing of the IPO, prepare restated consolidated financial statements for the past three years for LIC and its subsidiaries besides identifying the right structuring of the transaction after arriving at an optimal capital structure.
It may be recalled that the Department of Investment and Public Asset Management (DIPAM) had on June 19 issued a Request for Proposal for engaging pre-transaction advisors for partial disinvestment of government shareholding in LIC.
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