Top headlines: IMF on India's $5-trn economy aim, drop in MGNREGA demand

Here are the top headlines on Tuesday

India's dream to become a $5-trillion economic powerhouse by 2024-25 is going to take longer, according to the International Monetary Fund. Meanwhile, LIC’s $2.7-billion IPO shall be the fifth-biggest globally in CY22. Read more on these down below:

LIC IPO: Over 70% of anchor allotment made to domestic mutual funds

Life Insurance Corporation of India (LIC) on Monday raised Rs 5,627 crore from anchor investors ahead of its mega initial public offering (IPO), with 71 per cent of the amount coming from domestic mutual funds (MFs), shows a late disclosure made by the company.

In total, the state-owned insurance giant allotted nearly 59.3 million shares to 123 investors at Rs 949 apiece. Read more here

Adani, JSW groups submit non-binding bids to acquire Ambuja Cements

Adani and JSW groups submitted non-binding bids to acquire Ambuja Cements last week. Both groups have tied in their funding with a clutch of private equity (PE) firms and offered timelines to close the transaction at the earliest, said a banker privy to the deal.

Aditya Birla Group’s UltraTech Cement has also entered the race. Closure of the deal, however, is expected to be delayed by UltraTech as approvals from the Competition Commission of India take time. Read more here

India's $5-trillion economy dream: Not before FY29, says IMF

The wait for India to become a $5-trillion economic powerhouse by 2024-25 (FY25) is going to take longer than what the finance ministry had originally intended, according to the International Monetary Fund (IMF). The vision will instead be achieved in 2028-29 (FY29), reveals the IMF data, illustrating a four-year delay. Read more here

LIC's $2.7-billion IPO set to be the fifth-biggest globally in CY22

LIC’s $2.7-billion IPO shall be the fifth-biggest globally in CY22. South Korean EV battery maker LG Energy Solution holds the record for the year’s largest IPO at $10.8 billion, while Chinese mobile communications provider China Mobile IPO, which raised $8.6 billion, comes second.

Dubai Electricity and Water Authority’s $6.1-billion IPO in March is currently the third biggest public offering for the year, followed by China National Offshore Oil Corporation’s IPO; the firm had raised $5.1 billion by issuing shares in Mainland China after delisting from the American bourses. Read more here

11% fewer households demanded work under MGNREGA this April, shows data

Indicating a turnaround in the employment situation in rural areas, the number of households seeking work under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in April was 11.15 per cent lower than in the equivalent month last year.

However, the data also reve­als that compared to pre-pandemic years, a disproportionately large number of people — 23.26 million households in April — are still seeking work under the MGNREGA. Read more here