Top law firms that would normally be keen on such big-ticket IPOs to boost their credibility in government circles are hesitant to advise New Delhi, as their teams are stretched by the corporate IPO boom.
The disinvestment department had invited applications for the appointment of merchant bankers on July 15. Following this, 16 merchant bankers made presentations for managing listing and partial disinvestment of LIC
Before the latest acquisition of shares in the bank, LIC held over a 3.17 per cent stake in the state-owned bank. It said LIC's stake in Bank of India has now increased to 7.05 per cent, equivalent to 28,92,87,324 shares