India

LIC seeks to appoint CFO before its mega IPO planned in 2021/22

1 minute read

An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai September 18, 2014. REUTERS/Danish Siddiqui/File Photo

NEW DELHI, Sept 28 (Reuters) - State-backed Life Insurance Corp of India (LIC) is seeking to appoint a chief financial officer, according to a notification on its website, ahead of an initial public offering slated before the end of the fiscal year.

The move to hire a CFO follows a decision to re-designate LIC’s top job to chief executive officer from chairman earlier this year.

LIC is currently under going a valuation exercise for an IPO that could be India's biggest ever as the government seeks to raise around 900 billion Indian rupees by selling 5%-10% stake in the company by the end of the fiscal year that runs through March.

Recently, government appointed ten investment banks including Goldman Sachs (GS.N), Citigroup (C.N) and SBI Capital Market to handle the offering. read more

Reporting by Aftab Ahmed; Editing by Simon Cameron-Moore

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters