The government will sell its 5% stake in Life Insurance Company (LIC). Reliance Industries will enter the satellite broadband business. More stories from this morning’s headlines.
The government will sell its 5% stake in Life Insurance Company (LIC) through an initial public offering (IPO), of which 100% will be a tender offer. LIC filed its draft Red Herring Prospectus (DRHP) with market regulator the Securities and Exchange Board of India (Sebi) on Sunday, setting the stage for the country’s largest-ever IPO.
Market regulators are expected to approve the LIC IPO within three weeks, according to the sources. The Federal Government has frequently reiterated that the public offering of the LIC will take place within the current financial year (FY22).
It is understood that Tata Sons, the holding company of the Salt-to-software group, may remove the age limit for nominees to the Tata Trusts board. So far, nominees to the trust must retire from the Tata Sons board at age 70, although unlike independent directors, the position has never had a fixed term.
The latest changes mean that nominees to Tata Sons’ board will have permanent seats unless Tata Trust is recalled, sources said. No trustee or nominee shall serve on the board of any other Tata Group company.
Satellite broadband services are heating up. Reliance Industries ended months of speculation a few weeks ago when Jio Satellite Communications, a subsidiary of Reliance Jio, applied to the Department of Telecommunications (DoT) for a Global Mobile Personal Satellite Communications (GMCS) license.
The move will see Reliance lock the speakers in the telecom sweepstakes with its main rival, Sunil Mittal-backed OneWeb, which was the first to apply for the same license and is awaiting approval. For the uninitiated, such as the Unified Access Service License (UASL), which allows telcos to provide access to a range of terrestrial telecommunications services, GMCS provides satellite access services to customers. The only difference is that while UASL is for cities or “circles”, GMCS is for pan-India operations.
Complete News Source : Business Standard
