Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Law firms bid to work on India's LIC IPO as government sweetens terms

09/23/2021 | 11:08am EDT
FILE PHOTO: Bird flies past a logo of Life Insurance Corporation of India (LIC) in New Delhi

MUMBAI, Sept 23 (Reuters) - Four law firms, including two of India's biggest, have bid to advise the state-run Life Insurance Corporation (LIC) on its mega stock offering, after New Delhi made the fee payment structure more attractive.

LIC, a household name in India, is aiming to list by March in an initial public offering estimated at $12 billion, set to be the country's biggest. But the government had struggled to attract law firms to advise on the sale, partly because they are stretched due to a corporate stock listing boom but also because of the low fees on government mandates, Reuters reported last week.

After the law firms showed no interest, the government revised its offer twice this month, limiting the timeline of the LIC's IPO work and offering a part payment during the IPO process, not just at the end.

Now, Cyril Amarchand Mangaldas, India's largest law firm, Shardul Amarchand Mangaldas, Crawford Bayley and Link Legal have bid to work on the IPO and will make presentations to a government committee on Friday to qualify, a government notification said on Thursday.

LIC's IPO plans have attracted a lot of interest from investment bankers and the government has chosen 10 investment banks to work on it.

The lawyers are key to the process as they work on everything from drafting the IPO papers to fielding regulators' queries.

India's finance ministry did not respond to a request for comment.

The financial bids from the law firms will be opened after they make their presentations on Friday. Typically, work for the government is allotted based on the lowest bid.

LIC has a 66% market share of new premium collections in India's crowded insurance market. It manages assets of more than $450 billion. (Reporting by Abhirup Roy; Editing by Aditya Kalra and Jane Merriman)

© Reuters 2021
Latest news "Economy & Forex"
01:34aECLAC ECONOMIC COMMISSION FOR LATIN AMERICA AND : Countries of Latin America and the Caribbean Initiate Implementation of the Plan for Self-Sufficiency in Health Matters Approved by CELAC
01:32aBlast at chemical plant in China's Inner Mongolia kills 4 - Xinhua
12:14aSaudi Arabia, world's biggest oil exporter, to unveil green goals
10/22Conference held in China to boost campus safety
10/22CENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : China, UK to deepen mutual understanding, bilateral cooperation
10/22Mexico probing allegations of forced labor at tomato export firms
10/22Japan to focus on supply chain chokepoints in security push -official
10/22Dow posts record closing high, stocks gain for 3rd week; dollar dips
10/22TED ROGERS : Rogers family boardroom drama unlikely to impact deal to buy Shaw
10/22UK to boost regional transport funds as part of levelling up plan
Latest news "Economy & Forex"