The Indian government is considering allowing up to 20 % of foreign institutional investment in LIC
Generally, Sebi allows foreign portfolio investors to buy shares in a public offer
But, the LIC Act has no provision for foreign investments
So, the proposed LIC IPO should be aligned with the norms of Sebi to receive foreign investment
The government has appointed 10 merchant bankers to manage the mega IPO
Some are Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India
The listing of LIC is billed as India’s biggest-ever IPO
The aim is to raise up to Rs 90,000 crore ($12.24 billion) from its stake sale
