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LIC DRHP unlikely to reveal size of IPO; Board to meet again on Sunday

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LIC DRHP unlikely to reveal size of IPO; Board to meet again on Sunday

The Indian Life Insurance Company’s board on Friday approved the insurer’s initial public offering in principle, but requested certain clarifications and minor changes to the draft IPO documents, people familiar with the matter said.

If the issues are resolved to clear the draft red herring prospectus (DRHP), the 15-member board could meet again in the evening or even Saturday morning, these people said.

The DRHP is expected to be submitted by Monday at the latest, but may also be submitted on the weekend.

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“The situation is very fluid. Every comma and full stop is being checked and rechecked, which is a huge amount of work because of the size of the LIC,” said one of the people. “Board members have been told to meet at short notice, so … work is in full swing,” the person said.

“There’s some process to follow, which is why the filing on Friday was delayed, but we’re very close and it’s going to happen in days or even hours,” said a second person involved in the process.

Actuarial firm Milliman Advisors fixed the company’s embedded value (EV) at Rs 500 crore. EV is a financial measure of a life insurance company’s future cash flow. Insurers are valued at multiples of EV.
“Currently, it is fair to assume that LIC is valued at 3.5 times its embedded value for a total market valuation of Rs 175 crore,” said Manish Ostwal, an analyst at Nirmal Bang Securities.

Ostwal said HDFC Life, the most highly valued life insurer today, has a market valuation of Rs 1.25 crore, more than four times the EV of Rs 30,000 crore as of December.

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Stephanie Hsu and Zosia Mamet talk about their new series Laid, and some of the horrors of dating as millennials.
Imagine a scenario where anyone and everyone you have ever been intimate with begins to die one by one. Is it a curse? If yes, then who is cursed? These are questions that Stephanie Hsu‘s Ruby battles with in the new zany comedy, Laid. Ahead of the show’s release, Stephanie and co-star Zosia Mamet spoke exclusively with HT about their roles, the show’s unique premise, and the horrors of dating as millennials. (Also read: Dune: Prophecy star Emily Watson on working with Tabu: ‘She is a true treasure’)

Stephanie Hsu on her character’s flawed morality

Laid, created by Nahnatchka Khan and Sally Bradford McKenna, is the story of Ruby (Stephanie Hsu), who discovers that all her sexual partners are dying one by one, and she must warn them. Helping her in this unique quest is her best friend AJ (Zosia). The fun thing about Laid is that the protagonists are not the usual likeable characters. “She is totally an anti-hero of our story. I really love that,” says Stephanie, referring to Ruby’s moral greyness. “I am not a perfect person and I love playing flawed characters. But it was difficult. The creators told me that she is a total narcissist. But narcissists don’t think they are one, so I had to figure out a way to love her. For me, playing Ruby was about getting into her psychology and finding the innocent part of her – which is that she just wants love,” the actor adds.

While sitcoms usually add the best friend as the voice of reason trope, Laid diverges from that, with AJ even zanier and more morally ambiguous than Ruby. Talking about playing such a colourful character, Zosia Mamet says, “When you play not-so-likable or zany characters, people don’t believe they are that way. I don’t think AJ wakes up every morning and thinks, ‘I am absolutely crazy’. It’s about trusting the writing and finding an organic way into these characters to make them seem grounded, real, and relatable.”

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Stephanie, Zosia reveal the worst gifts they received from partners

In Laid, Ruby gives the gift of death to the men she is with, even if that is inadvertent. Ask the women about the worst ‘gift’ a partner has ever given them, and the discussions veer into the unusual horrors of modern-day dating. “I got a vintage wooden duck decoy from someone. It was broken, and I thought, ‘What does this say about our relationship?’. They didn’t know me well enough to know if I’d want this but also that they gave me something old and ailing,” Zosia says with a laugh.

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