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After protest on LIC IPO plan, Nirmala Sitharaman tries to calm nerves; says, it will be transparent

lic, economyThe government is looking at an IPO which will bring retail investors in the picture, Nirmala Sitharaman also said.

Finance Minister Nirmala Sitharaman on Friday said that the initial public offering (IPO) of LIC will be a transparent process. The government is looking at an IPO which will bring retail investors in the picture, Nirmala Sitharaman also said. The employees and officers of LIC took part in a protest recently as part of the nation-wide protest against central government’s plan to sell part of its share in the LIC through public offer In budget 2020, Nirmala Sitharaman announced that Life Insurance Corporation (LIC) IPO (Initial Public Offer) will be coming. It was announced that a 10 per cent share of the insurer will be sold off. Earlier in the day, LIC Chairman M R Kumar said the IPO would not have an impact on the policy holders and employees.  “There will be no impact on policy holders or employees if the company goes public,” M R Kumar said. On valuation, he said that commenting on the valuation of the state-run insurer is difficult as it has not been calculated yet.

Nirmala Sitharaman on Friday met industry representatives and economists, for the first time after the budget, in Mumbai. Accompanied by all the secretaries in the ministry, Sitharaman said unlike the past instances of providing for a stimulus, the remedies that the budget have provided are “very focused, very clear that it is going in a well chalked out path with a clear intention of spending responsibly in building capital assets”.

Meanwhile, in November last year, MR Kumar said that it’s too early for LIC to go public. He had also said that the insurer sees plenty of high growth from here despite the ongoing slowdown in the economy, ET Now reported. Even as the slowdown has hit the insurance sector, LIC has done well as against the private sector peers and also managed to get some of the lost market share in the smaller cities, MK Kumar he had also said.

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