The number of independent directors has increased to 9 with the addition of 6 new members to the board of LIC.
LIC IPO: The issue of LIC, the country’s largest insurance company, could come up before March 31 this year. In such a situation the company is trying to meet the regulatory conditions. The process of bringing the matter is going on. In such a situation, to meet the rules of corporate governance, LIC appointed 6 independent directors to the board last month.
LIC includes former financial services secretary Anjali Chib Duggal, former SEBI member G Mahalingam and former SBI Life managing director Sanjeev Nautiyal. Apart from these, Chartered Accountants MPs Vijay Kumar, Raj Kamal and VS Parthasarathy have been included in the LIC board.
With the addition of 8 members to the board, the number of independent directors has increased to 9. Corporate Governance Rules are required to submit Draft Red Herring Prospectus (DRHP) to SEBI for IPO.
Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), said the company was going to submit an application to SEBI for the issue this week. Following approval from SEBI, the issue of the company will come up in March 2022.
10% of LIC issue will be reserved for policyholders. LIC’s list will earn Rs 78,000 crore in the current financial year. So far, the central government has earned Rs 12,000 crore by selling stakes in Air India and other government agencies.
