Finance Minister Nirmala Sitharaman in her Budget speech said the Life Insurance Corporation's initial public offering is expected shortly.

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The listing of LIC is poised to be India's biggest IPO to date, with the government looking to raise up to Rs 1 lakh crore by selling shares.

Last week, DIPAM Secretary Tuhin Kanta Pandey told CNBC-TV18 that the government was targeting an early March date for the LIC IPO.

Pandey had said that the LIC IPO was very important and the government's next big task. "We are very sanguine on bringing the LIC IPO this quarter, in early March. We had had extensive consultations with IRDAI (The Insurance Regulatory and Development Authority of India) and SEBI (Securities and Exchange Board of India) on the LIC IPO," Pandey had said.

The government is counting on the sale of shares in LIC, which has the lion's share of the life insurance market in India, to fill the fiscal deficit this year.

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First Published:Feb 1, 2022 11:20 AM IST