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Govt may sell 25% stake in LIC in phases
As part of the proposal, the government will also move an amendment in parliament for an authorized capital of Rs 20,000 cr which will be divided into 20 billion shares, the people said.
A ministerial panel set up for asset sales will decide on the size of the public offering while the cabinet will consider changes to capital structure of the insurer, the people said. Taking the insurer public will help instill “discipline” and unlock value, Finance Minister Nirmala Sitharaman had said in her budget speech in February, without providing details or the time line for the sale.
National Insurance incurs a loss of Rs 4100 cr in 2019-20, govt infuses Rs 1675 cr as additional capital
“Despite the recurring losses, I assure you that the company is not facing any liquidity crunch and all payments towards claimants, Vendors and employees are being released on time, Austerity measures have been introduced to curb wasteful expenditure and exercise for restructuring of offices is on way to make each of the operating units viable. Growth of business as per targets given with emphasis on profitable segments.” said Tajinder Mukherjee,CMD, NIC.
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