DIPAM Shortlists C A Mangaldas: The government has shortlisted Cyril Amarchand Mangaldas to give legal advice regarding the mega IPO of the country’s largest insurance company LIC. An official has given this information. For this, four legal companies namely Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co made their presentation before the Department of Investment and Public Asset Management (DIPAM) on 24 September.
Cyril Amarchand Mangaldas
DIPAM had invited RFP on 15th July for election of Legal Advisor for Mega IPO. The last date for bidding was August 6. However, after the RFP did not receive adequate response, on September 2, DIPAM issued another RFP and fixed September 16 as the last date for bidding.
DIPAM– Department of Investment and Public Asset Management
The bidders made their presentations before DIPAM on 24 September. 10 merchant bankers have already been selected to manage the IPO. This IPO is being said to be the biggest public offer in Indian history.
These merchant bankers include Goldman Sachs Group Inc, JPMorgan Chase & Co, ICICI Securities Ltd, Kotak Mahindra Capital Co, JM Financial Ltd, Citigroup Inc and Nomura Holdings Inc.
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Upcoming LIC IPO
The government’s target is to bring LIC’s IPO during the January-March quarter of 2022 and then get the company listed.
After the presentation, Cyril Amarchand Mangaldas was selected to provide legal advice on the Initial Public Offer (IPO) of Life Insurance Corporation (LIC), the official said.
The government is also considering allowing foreign investors to acquire shareholding in the country’s largest insurance company LIC.
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Foreign Institutional Investors (FPIs) can buy shares in a public offer as per SEBI regulations. However, since there is no provision for foreign investment in the LIC Act. In such a situation, there is a need to harmonize the proposed IPO of LIC and SEBI rules for participation of foreign investors.