LIC seeks to appoint CFO before its mega IPO planned in 2021/22
September 28, 2021
State-backed Life Insurance Corp of India (LIC) is seeking to appoint a chief financial officer, according to a notification on its website, ahead of an initial public offering slated before the end of the fiscal year.
The move to hire a CFO follows a decision to re-designate LIC’s top job to chief executive officer from chairman earlier this year.
LIC is currently under going a valuation exercise for an IPO that could be India’s biggest ever as the government seeks to raise around 900 billion Indian rupees by selling 5%-10% stake in the company by the end of the fiscal year that runs through March.
Recently, government appointed ten investment banks including Goldman Sachs, Citigroup and SBI Capital Market to handle the offering.
(Reporting by Aftab Ahmed; Editing by Simon Cameron-Moore)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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