The much-awaited "LIC IPO" is ready for take-off with the state-owned insurance behemoth the Life Insurance Corporation of India filing its draft red herring prospectus (DRHP) on Sunday evening. The proposed LIC IPO will be India's biggest share sale of all time. The government is selling 31.6 crore shares of LIC, equivalent to five percent of the company's total equity of around 632 crore shares.

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For starters, the corporation was established on September 1, 1956, under the Life Insurance Corporation Act.

Here's a timeline of key events in the history of LIC:

February 13, 2022: LIC files DRHP for its initial public offering

2021: Launched Atma Nirbhar Agents New Business Application

2020: Designated as Domestic Systemically Important Insurer (D-SII)

2019: Completed the acquisition of a 51 percent stake in IDBI Bank

2015: Established a subsidiary in Bangladesh

2012: Established a subsidiary in Singapore

2008: Established LIC Cards Services to provide credit card services

2007: Entered into an agreement for the implementation of ‘Enterprise Document Management System’ (EDMS) with an aim to convert all policy records into digital format

2007: Established a subsidiary, LIC Pension Fund Limited

2006: Established ‘LIC’s Golden Jubilee Foundation’ to support construction of hospitals, schools, etc., and provide scholarships

2003: Established a subsidiary in Sri Lanka

2000: Established a subsidiary in Nepal

1997: Implementation of Corporation’s ‘Metro Area Network’ and ‘Wide Area Network’ resulting in linking network of all branches

1989: Established a subsidiary in Bahrain

1989: Established LIC Mutual Fund as a trust

1989: Established an associate, LIC Housing Finance Limited

1981: Implementation of ‘Reorganisation Policy’ to give effect to larger-scale decentralisation of operations and decision-making

1963-64: Corporation undertook initiatives in becoming a pioneer in installing computers with the installation of two computer systems - one in Mumbai and one in Kolkata, with an aim to improve operations

1960: Established foreign branch in the United Kingdom

1956: Established foreign branches in Fiji and Mauritius

1956: Establishment of our Corporation

Also, catch here CNBC-TV18's coverage of LIC IPO

(Edited by : Ajay Vaishnav)

First Published:Feb 13, 2022 11:07 PM IST