Top Headlines: Features of LIC IPO, Damani eyes partners for Ambuja buy

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Life Insurance Corporation to join league of top global insurance firms

When Life Insurance Corporation (LIC) of India gets listed on the bourses next month, it will be among the biggest listed life insurers globally in terms of market capitalisation (m-cap), assets, and revenue, but will also be among the least profitable and capitalised among its peer group. A big gap between LIC’s m-cap, profits, and networth (shareholder capital) will make it one of the priciest insurers globally, in terms of price-to-earnings (P/E) multiple and price-to-book value (P/B) ratio. Read more...

Unique features of LIC IPO: Policyholder quota, differential discount

Domestic capital market will see the launch of India’s largest-ever initial public offering (IPO) next week. Life Insurance Corporation of India’s (LIC’s) landmark Rs 21,000-crore IPO will open for subscription on Wednesday. Here’s a look at some unique features of this mega offering, which are not typically seen in other IPOs. Read more...

Sebi says no to 'upsizing' option in LIC share sale; allows few exemptions

The market regulators, Securities and Exchange Board of India (Sebi), didn’t allow the option of retaining excess subscriptions -- known as “upsizing” in investment banking parlance -- for the initial public offering (IPO) of Life Insurance Corporation of India (LIC), said three people in the know. Read more...

Damani eyes partners for Ambuja Cements buy; may invest up to Rs 10,000 cr

Radhakishan Damani, the billionaire investor and promoter of Avenue Supermarts, which owns and operates the DMart chain of retail stores, is planning to join hands with other potential bidders to invest up to Rs 10,000 crore in Ambuja Cements as a financial partner, banking sources told Business Standard. Read more...

Reserve Bank of India may curb first-loss default guarantees

The Reserve Bank of India (RBI) has sought details of first-loss default guarantee (FLDG) exposures of select banks and shadow banks, even as it has informally conveyed to them that it is not comfortable with the arrangements in vogue now. An FLDG is a back-up offered by digital platforms (or, other unregulated entities) as guarantee to lenders (regulated) on whose behalf they source business. Read more...