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    Exclusive: Aiming for LIC IPO in Q4; BPCL stake sale still at due diligence state, says DIPAM Secy

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    Exclusive: Aiming for LIC IPO in Q4; BPCL stake sale still at due diligence state, says DIPAM Secy

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    DIPAM Secretary Tuhin Kanta Pandey told CNBC-TV18 in an exclusive interaction that the government is trying to bring the LIC IPO to the market in the fourth quarter of this fiscal (Q4FY22).

    The government is trying to launch the initial public offering (IPO) of Life Insurance Corporation (LIC) in the fourth quarter (January-March) of this financial year as planned, Department of Investment and Public Asset Management (DIPAM)  Secretary Tuhin Kanta Pandey told CNBC-TV18 in an exclusive interaction.
    He said that financial bids for Nilachal Ispat, Pawan Hans were likely in December and that the financial bids stage for Bharat Earth Movers and Shipping Corporation would be reached very soon. He added these four transactions were at a relatively advanced stage.
    He said the BPCL stake sale was still at a due diligence stage.
    “We are not in a position to say when we can have the financial bids,“ Pandey said.
    Recently, Finance Secretary TV Somanathan, in an interview to CNBC-TV18, had said a similar thing adding that he was unsure of the BPCL divestment would go through this fiscal.
    Yesterday,  LIC reported an improved asset quality for the financial year ended March 2021. The non-performing assets (NPAs) as of March 31, 2021, are Rs 35,129.89 crore out of a total portfolio of Rs 4,51,303.30 crore, according to LIC's latest annual report.
    The embedded value of the insurance behemoth, according to a report, has been calculated at $150 billion in an actuarial valuation exercise. The embedded value -- including the current value of future profits with the net value of assets -- is the key financial gauge for insurers.
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