Economic Times | 13 Feb, 2022 | 08.41PM IST
India is ready for the mother of listings. LIC on Sunday filed DRHP for the biggest ipo that will see sale of 5% of its equity shares. A company with a market capitalisation of over Rs 1 lakh crore at the time of IPO could offer at least 5% of its equity shares. LIC has a total of 632.49 crore outstanding shares. LIC’s embedded worth is pegged at Rs 5.39 lakh crore as of September-end.
SBI Caps, Kotak Mahindra Capital, ICICI Securities, Axis Capital, JM Financial, Goldman Sachs, JPMorgan, Citigroup, Nomura, and Bank of America Securities are managing the issue.
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The current fiscal FY22’s divestment target was revised to Rs 78,000 crore from the Budget estimates of Rs 1.75 lakh crore and the Centre would like to cash in on the LIC IPO to meet its revised divestment estimate.
LIC IPO: The retail portion has been fixed at 35 per cent of the offer
The issue is likely to have reservations for eligible employees and policyholders of the company, according to the DRHP.
LIC says growth in new business premium declined 19% year-on-year in Q1 fiscal 2021 as lockdowns disrupted operations
LIC says investments in listed equity had market value of about 8 trillion rupees, making up around 4% of total market cap of National Stock Exchange
LIC says as this is an offer for secondary shares, requirement of minimum subscription of 90% of issue under SEBI regulations is not applicable
In value terms
LIC held Rs 95,274 crore worth Reliance Industries’ shares as of December 31. TCS and Infosys were its next two biggest holdings at the end of the December quarter, together amounting to Rs 95,488 crore in value.
LIC: The behemoth
LIC owned more than a 1 per cent stake in 278 NSE-listed companies as of December 31. It alone commanded a 77 per cent share of investments in equities by insurance companies.
Centre plans to dilute 5% stake in LIC and raise about Rs 75,000 crore, giving the insurance behemoth a valuation of Rs 15 lakh crore.
LIC IPO: What you need to do if you are a policy holder
Earlier, LIC stated: “In order to participate in any such public offering policyholders will need to ensure that their PAN details are updated in the corporations records. Further, subscribing to any public offering in India is possible if you have a valid demat account. Accordingly, policyholders must ensure that they have a valid demat account in place.”
The DRHP of LIC IPO has been filed today with the SEBI
The DRHP of LIC IPO has been filed today with the SEBI. https://t.co/jM9CDBMWVH
— Secretary, DIPAM (@SecyDIPAM) 1644760851000
All private and Govt schools to reopen in urban areas of Rajasthan for classes up to standard 5 from Feb 16: State Govt
Being largest PSB, SBI was authorized by other banks to file a CBI complaint. First complaint was filed in Nov 2019. In Dec 2021, a comprehensive complaint was filed. It normally happens in large-value corporate debts. I don’t see any delay. It is an NPA from 2013
– Swaminathan J
An audit was ordered by the lead bank ICICI & the report came in 2019, which indicated transfer of funds to related parties & usage of funds for other purposes. After discussion, all the banks declared the account as a fraud in 2019
– SBI MD Swaminathan J
ABG Shipyard had been enjoying credit facilities from around 28 banks since 2001. The company could not sustain itself for long
– Swaminathan J, SBI MD (Risk Compliance & Stress Assets Resolution Group) on ABG Shipyard fraud case
I offered prayers at Valmiki temple & prayed that religious conversion may not take place here under NDA-led government
– Union Home Minister & senior BJP leader Amit Shah in Amritsar
Police move in to clear remaining protesters opposed to COVID-19 restrictions near key US-Canadian border bridge
Those who have read the newspapers would be knowing that a major bank scam has taken place. Whenever these major scams take place, people from a particular place are involved. In the scams, which had taken place earlier, a number of people were from that place
– Akhilesh Yadav
COVID-19: Jammu and Kashmir lifts night curfew, educational institutions to resume physical classes in phased manner beginning Monday
Moscow voices concern over OSCE moves to ‘relocate’ Ukraine staff
Last rites of Padma Bhushan-awardee industrialist Rahul Bajaj performed with full state honours in Pune
Maharashtra | Last rites of Padma Bhushan-awardee industrialist Rahul Bajaj performed with full state honours in Pu… https://t.co/9dUqd2r6vc
— ANI (@ANI) 1644755721000
Delhi reports 804 fresh COVID cases, 1197 recoveries, and 12 deaths today
UP polls: BSP releases list of 47 candidates
13-02-2022-BSP UP CANDIDATE LIST-7TH PHASE https://t.co/7LZq25XuYq
— Mayawati (@Mayawati) 1644753965000
CM Yogi Adityanath says Uttar Pradesh saw maximum number of riots during Samajwadi Party rule and only incumbent BJP govt kept such incidents under check
Visuals: Union Home Minister & BJP leader Amit Shah offers prayers at Valmiki Temple in Amritsar
Union Home Minister & BJP leader Amit Shah offers prayers at Valmiki Temple in Amritsar #PunjabAssemblypolls https://t.co/MJqou0zdXf
— ANI (@ANI) 1644753956000
Modi govt put COVID-19 jinn in a bottle: Yogi Adityanath
Taking potshots at previous governments in the state, Uttar Pradesh Chief Minister Yogi Adityanath said on Sunday that those who are inauspicious for the development of the state will automatically vanish once the bell made in Jalesar starts ringing inside the Ram temple in Ayodhya. He also said that PM Narendra Modi-led government at the Centre successfully “put the COVID-19 jinn in a bottle”.The Chief Minister was addressing a public rally in Jalesar of Uttar Pradesh’s Etah district.
Govt of India has approved the release of a total amount of Rs 2.5 crores for celebrating Sammakka Saralamma Medaram Jathara, India’s biggest tribal fair which takes place once every two years. This year, it is scheduled between Feb 16 & Feb 19 in Medaram, Telangana: Govt
It’s a childish and condemnable statement. For sake of power, he (Assam CM) went to BJP and now speaks the language of PM and RSS who always indulge in character assassination. I never expected such remarks from him. A CM should know when and what to say
– Congress leader Mallikarjun Kharge
Everyone has the right to wear and eat as they wish and is free to practice their religious beliefs. There are some radical elements who are attacking a religion in an attempt to win polls by dividing people on communal lines
– Former J&K CM Farooq Abdullah in Pulwama on Hijab Row
PM Modi has always worked for the development of Sikhs. He gave the permission of FCRA in Golden Temple and removed tax from langar. He brought Guru Granth Sahib from Afghanistan to Amritsar after thousands of years
– Union Home Minister Amit Shah in Patiala
I urge the people in Punjab to give a chance to PM Modi and BJP govt. We will eradicate drugs from Punjab. Our goal is to make Punjab drug free. I want you to choose a govt that will work together with the Centre for the development of Punjab
– Union Home Minister Amit Shah in Patiala
Philippines logs 3,050 new COVID-19 cases
The Philippines’ Department of Health (DOH) reported 3,050 new confirmed cases of COVID-19 on Sunday, bringing the total tally to 3,637,280. The DOH reported no new deaths from the pandemic due to “technical issues in extracting data (from the system),” leaving the death toll at 54,930. The number of active cases dropped to 81,394 from Saturday’s 84,229 in the country. The positivity rate fell to 11.7 percent from 14.3 percent the previous day.
Kerala Governor AM Khan on Hijab Row: I strongly feel that this is not a controversy, but a deliberate and conscious conspiracy to push Muslim young women back into the four walls of their homes. They are doing so well, much better than boys. This is an attempt to discourage them.
We’ll provide pure drinking water in Jalesar. During SP govt, girls could not go to their schools, BJP has done the work of providing security to everyone. The difference is clear. More than 22,000 poor in Etah have been given free houses
– UP CM Yogi Adityanath in Jalesar, Etah
Schools up to 10th standard will re-open from tomorrow. I’ve instructed the DCs, SPs and school administrations to conduct a peace committee meeting. Schools for higher classes and degree colleges will re-open after reviewing the situation
– Karnataka CM Basavraj Bommai in Hubli
BJP weakening 125 cr people people in the name of nationalism, says Harish Rawat
Former Uttarakhand Chief Minister and senior Congress leader Harish Rawat on Sunday launched a scathing attack on Bharatiya Janata Party, stating the ruling party is weakening 125 crore people in the name of nationalism. Rawat also said that the Congress will stick to its manifesto and work for the development of Uttarakhand.
On forming govt in Punjab, we will establish Narcotics Control Bureau branch offices in 4 cities of the state. For drug prevention, we’ll form a task force in every district of the state
– Union Home Minister and BJP leader Amit Shah in Ludhiana, Punjab
Channi Sahib is dreaming of forming a Congress government in Punjab again. A CM who cannot provide a secure route to the prime minister of India, can he provide security to Punjab?
– Union Home Minister and BJP leader Amit Shah in Ludhiana
I can sacrifice my life for my brother (Rahul Gandhi) and even he can do the same for me. There is conflict in BJP, not in Congress. Yogi Ji, Modi Ji and Amit Shah might have a conflict of interest
– Congress leader Priyanka Gandhi Vadra
Visuals: Delhi CM Arvind Kejriwal and AAP CM face in Punjab Bhagwant Mann holds a roadshow in Amritsar
Delhi CM Arvind Kejriwal and AAP CM face in Punjab Bhagwant Mann holds a roadshow in Amritsar https://t.co/WKpZzDH1qw
— ANI (@ANI) 1644737889000
State whose CM is facing ED probe cannot develop, says AAP slamming Charanjit Singh Channi
Aam Aadmi Party (AAP) leader Raghav Chadha has said that a state can not develop if it’s led by a person like Punjab Chief Minister Charanjit Singh Channi who has been raided by Enforcement Directorate in connection with an illegal sand mining case. “Charanjit Singh Channi encouraged sand mafia. He himself is involved in it. How will a state develop whose CM himself is involved with sand mafia?” said Chadha.
Aam Aadmi Party has emerged from RSS…There’s nothing in the name of educational and healthcare institutions in Delhi. It’s important to know the truth about political parties and their leaders.
– Priyanka Gandhi Vadra, Cong addresses ‘Navi Soch Nava Punjab’ rally, in Kotkapura, Punjab
Channi Sahab did an investigation on himself, when Bhagwant Mann will become CM, he will do a fair investigation on sand mining. When his relative has confessed that all the money belongs to Channi, why is ED not arresting him?
– Delhi CM and AAP national convenor Arvind Kejriwal
Congress party has become a circus in Punjab. Channi Sahab is going to lose from both Assembly constituencies. AAP is going to defeat him. He’ll never be the CM when he can’t be an MLA
– Delhi CM and AAP national convenor Arvind Kejriwal, in Amritsar
Preparations underway for second phase of UP Assembly polls
Security has been tightened in Uttar Pradesh for the second phase of polling that will take place on Monday in 55 Assembly seats, spread across nine districts. As many as 586 candidates are in the fray in fifty-five Assembly seats spread across nine districts of Saharanpur, Bijnor, Moradabad, Sambhal, Rampur, Amroha, Budaun, Bareilly and Shahjahanpur. Central Armed Police Forces (CAPF), Civil Police and Home Guards have been deployed at all the polling stations in nine districts of the state.
Mizoram registers 1,883 new recoveries
With 10,802 active COVID-19 cases reported in Mizoram, the state registered 634 deaths so far informed, the state Department of Information and Public Relation on Sunday. With 1,883 new recoveries, the state lodged a total of 1,81,931 recoveries and the recovery improved to 94.08 per cent. As many as 1,93,367 COVID cases have been reported in the state. The COVID bulletin reads a new death in the past 24 hours.
Magnitude 5.5 earthquake registered near Philippines
A magnitude 5.5 earthquake struck off the coast of the Philippines on Sunday, the United States Geological Survey (USGS) reported. The earthquake was registered at 04:36 GMT. The epicenter was located 58 kilometers (36 miles) north of the locality of Namuac at a depth of 39.7 kilometers. No further information on the possible casualties or damage has been reported yet.
Visuals: Family, friends of industrialist Rahul Bajaj pay last respects to him in Pune.
Family, friends of industrialist Rahul Bajaj pay last respects to him in Pune The Padma Bhushan-awardee industria… https://t.co/VJxh96Ni09
— ANI (@ANI) 1644733319000
I’ve demanded NIA probe as it’s an international conspiracy. No Muslim country is against us except Pak. Hijab can’t be banned in Udupi. It’s their religious right but in schools, the uniform should be followed
– BJP MLA from Udupi, Raghupathi Bhat
Enforcement Directorate has arrested Sanjay Agarwal, managing partner of Ghanshayamdas Gems and Jewels, under the Prevention of Money Laundering Act (PMLA) 2002 on Feb 11, in a loan fraud case, in which State Bank of India, Hyderabad, suffered a loss of Rs 67 crores.
Impeachment motion registered against sitting Chief Justice Cholendra Shumsher JB Rana at Parliament Secretariat following allegations of politicking against him.
We have just come back from Goa and will visit UP along with Aaditya Thackeray soon. Akhilesh Yadav is going to form his govt there. Under the leadership of Aaditya Thackeray, we will fight Lok Sabha polls across the country; preparations are on for it
– Shiv Sena leader Sanjay Raut
The voting percentage in the first phase has changed the direction of the wind against BJP. In the second phase, BJP will be wiped out. They won’t be able to even open their account in Badaun.
– Samajwadi Party chief Akhilesh Yadav
Over 12.37 cr unutilized COVID-19 vaccine doses available with States, UTs: Centre
The Union Government on Sunday said that more than 12.37 crore unutilized COVID-19 vaccine doses are still available with the States and Union Territories (UTs). According to the Ministry of Health and Family Welfare, “More than 170.95 crores (1,70,95,24,720) vaccine doses have been provided to States and UTs so far through the Government of India (free of cost channel) and through direct state procurement category.” “More than 12.37 crore (12,37,14,841) balance and unutilized COVID Vaccine doses are still available with the States and UTs to be administered,” the Ministry said.
Section 144 imposed in Udupi, Karnataka following Hijab row.
Section 144 imposed in Udupi ahead of school opening. DC prohibits gathering of any crowd near schools or taking out any rally in the district.
Pak reports 3,206 new COVID cases, 41 deaths in last 24 hours
Pakistan reported a total of 3,206 new COVID-19 cases and 41 deaths in the last 24 hours, according to National Command and Operation Centre (NCOC) data on Sunday. With this latest data, the death toll has reached 29,772. The number of coronavirus patients in critical care at various hospitals across the country stands at 1,623, reported ARY News.
Goa votes tomorrow for 40 Assembly seats
With campaigning for the 40 Assembly seats Goa concluding on Saturday, the state will go to polls in a single phase on Monday. The incumbent Bharatiya Janata Party (BJP) is being challenged by Congress, Trinamool Congress and Aam Admi Party (AAP) in a multi-cornered electoral contest in Goa. Goa Assembly has a strength of 40 members out of which the BJP currently has 17 legislators and enjoys the support of legislators from Maharashtrawadi Gomantak Party (MGP), Vijay Sardesai of the Goa Forward Party (GFP), and three independents. The GFP and MGP each have three MLAs, and Congress, on the other hand, has 15 MLAs in the house. A total of 301 candidates from different political parties are in the electoral fray in Goa.