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LIC IPO: Centre invites RFP to hire registrar, lead manager, ad agency, legal adviser

LIC IPO: Centre invites RFP to hire registrar, lead manager, ad agency, legal adviser

Bids can be submitted online at CPPP website at etprocure.gov.in/etprocure/atptp. Last date to submit bids is August 5, while bid opening date is August 6

The Centre aims to list state-run insurers by the last quarter of the current financial year The Centre aims to list state-run insurers by the last quarter of the current financial year

The central government has invited a request for proposal (RFP) to hire legal advisors, book running lead managers, advertising agency and registrar and share transfer agent in the run-up to the much-awaited initial public offering (IPO) of the Life Insurance Corporation of India.

The request for proposal (RFP) or tender documents can be downloaded from the CPPP site eprocure.gov.in/eprocure/app, the finance ministry's department of investment and public asset management (DIPAM) said in a detailed circular.

Bids can be submitted online at the CPPP website at etprocure.gov.in/etprocure/atptp. The DIPAM circular stated manual bids will not be accepted.

The DIPAM statement said not more than one bid should be submitted by one bidder or bidders having a business relationship. "Under no circumstance will father and his son(s) or other 'relative' or 'related parties, as the case may be, as defined under the Companies Act 2013) would be allowed to bid for the same contract as separate competitors," the circular said.

Also read: LIC IPO: Centre plans to raise up to Rs 25,000 cr from over 24 anchor investors

Bidder, who has downloaded the bid from the Central Public Procurement Portal, should not tamper or modify the bid form, including the downloaded price bid template, the circular said.

Intending bidders are advised to visit this website regularly till the closing date of submission to keep themselves updated as to any change or modification in the RFP.

The last date to submit bids is August 5, while the bid opening date is August 6. Earlier this week, the union cabinet gave its approval for the LIC IPO. The Centre aims to list state-run insurers by the last quarter of the current financial year.

Several estimates suggest LIC could raise Rs 90,000-1 lakh crore through its IPO. The listing of LIC will be crucial for the government to meet its disinvestment target. The government aims to mop up Rs 1.75 lakh crore in the current fiscal from minority stake sales and privatisation.

In her Budget speech of 2020-21, Finance Minister Nirmala Sitharaman had said listing of companies on stock exchanges disciplines a company and provides access to financial markets and unlocks its value. "The Government now proposes to sell a part of its holding in LICI by way of Initial Public Offer (IPO)," she said.

The listing of the LIC shares on stock exchanges will entail part-sale of the government's stake in it and raise fresh equity share capital for the company, through an IPO.

Also read: LIC IPO: State insurer to be listed by Q4 FY22

 

Published on: Jul 15, 2021, 7:28 PM IST
Posted by: Manoj Sharma, Jul 15, 2021, 7:25 PM IST