Edelweiss Financial Services hit an upper circuit of 5% at Rs 77.85 after the media reported that the company has been selected as pre-IPO transaction advisors for the initial share sale by Life Insurance Corporation of India (LIC).According to the media reports, the government has picked Edelweiss Financial Services and Deloitte as the two pre-initial public offer (IPO) transaction advisors for the listing of the country's biggest insurer - Life Insurance Corporation of India (LIC). The scope of the mandate includes advising the government on the modalities of the IPO and the timing, arriving at an optimal capital structure, preparing restated consolidated financial statements for the past three years for LIC and its subsidiaries, structuring the transaction amongst other aspects.
Earlier in February 2020, Finance minister Nirmala Sitharaman had announced in Budget that the government would sell a part of its holding in LIC by way of public listing. The government has 95% stake in LIC.
Edelweiss Financial Services is engaged in providing investment banking and advisory services, and holding activities/investments. The company's segments include agency business, capital based business and life insurance.
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