India is poised to hire Deloitte Touche Tohmatsu India Limited and State Bank Of India Capital Markets Limited to assist Life Insurance Corporation of India prepare for an initial share sale, said people with knowledge of the matter.
The advisers will help evaluate the capital structure of India’s biggest insurer as well as assist the company in reworking its financial statement, as per the tender document issued in June. The government will soon invite bids seeking firms to value LIC, said people.
PM Narendra Modi’s government is keen to go ahead with the initial publicoffering , potentially to be India’s biggest just to help close a widening budget gap. The Covid-19 pandemic has prompted the management to boost market borrowing as revenue drooping following a nationwide lockdown.
A spokesperson for the Ministry of Finance couldn’t immediately be reached outside business hours.
