New Delhi: Finance Minister Nirmala Sitharaman stated on Tuesday that the government will proceed with the LIC's initial public offering (IPO). The minister told a press conference in Mumbai that there is a lot of excitement and interest in the market for the LIC IPO, and that it will go forward.
On February 13, the draft red-herring prospectus (DRHP) of the LIC IPO was filed with market regulator SEBI. The government intends to sell up to 316.25 million shares, or about 5% of the life insurance giant.
When asked about the recent increase in global crude oil prices, Sitharaman stated that rising crude prices are a challenge mentioned in the conference on financial stability, and that we will keep an eye on it.
Sitharaman stated that the government is closely monitoring the Russia-Ukraine issue. When asked about the impact on commerce, the finance minister stated that the Russia-Ukraine impact has yet to be realised and that the government is taking precautions to ensure that our exporters do not suffer.
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