Press Release (ePRNews.com) - INDORE, India - May 25, 2017 - Indian Financial sector all set for IPO rush with a number of high-profile companies including UTI Mutual Fund and SBI Life, expected to launch their IPOs amounting to Rs 20,000 crore in coming months.
New India Assurance Limited, General Insurance Corporation of India, HDFC Life that may launch their IPOS, among others. Some of these companies have initiated the process for coming up to Sebi with their Draft Red Herring Prospectus prospects.
UTI Asset Management Co. Limited is also planning for its IPO lineup. SBI Life have already announced that the share sale would start in this financial year. The public sector general companies are also expected to hit the market in this fiscal itself, to help the govt meet an ambitious disinvestment target of Rs 72,500 cr.
State bank of India (SBI) has got the board’s nod to start the process for offer for sale of 10% of shares through the IPO of SBI Life. HDFC, in April last year announced that it has principally agreed to sell up to 10% stake held in HDFC Standard Life Insurance Co.
Moreover, govt is looking to sell up to 25% stake each in New India Assurance Company Limited and GIC Re. UTI Mutual Fund has also planned for its IPO allowing partial exit for four sponsors such as SBI, LIC, Band of Baroda and Punjab national bank.
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