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LIC IPO: State-run insurer seeks ₹65,400 cr from listing as roadshows start

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LIC IPO: State-run insurer seeks ₹65,400 cr from listing as roadshows start

The Indian life insurer intends to raise about 654 billion rupees ($8.7 billion) through the IPO, according to people familiar with the matter.

Shares in the state-owned insurer could be priced between 2,000 and 2,100 rupees, with some retail investors set to receive rebates, the people said, asking not to be named because the deliberations are private. They added that the offering is scheduled to take place between March 10 and 14 if regulatory approvals are obtained in time.

A roadshow has already begun and pricing could change after evaluating investor interest and negotiating with the government that owns the LIC, the people said.

According to budget estimates, Prime Minister Narendra Modi’s government needs about 63,000 crore to meet its asset sale target by the end of March. India is pushing ahead with the country’s largest initial public offering, a tall order made more difficult for investors due to inflation concerns and a challenging global market.

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LIC is aiming to distribute 16.940 billion pounds of shares to anchor investors on March 9, the people said.

A representative for LIC did not immediately respond to an email seeking comment.

Complete News Source : Mint

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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