New Delhi Apr 23 PTI The government is likely to cut the size of the initial public offering of LIC to 35 per cent to raise around Rs 21000 crore from the issue which would hit the capital markets in the first week of the next month The government in February had planned to sell a 5 per cent stake in Life Insurance Corporation LIC However the ongoing market volatility due to the Russia-Ukraine war has made it lower the IPO size At this price LIC which is 100 per cent government-owned is valued at Rs 6 lakh crore LIC is likely to file the red herring prospectus with market regulator Sebi by Wednesday LIC IPO is likely to come to the market in May first week 35 per cent stake dilution subject to regulatory approval an official said Reservations for policyholders and employees and discounts issue dates and issue price will be known by Wednesday the official added In February LIC had filed draft papers with Sebi wherein it had said that the government will sell 5 per cent stake or 316 crore shares in the state-run insurer LICs embedded value which is a measure of the consolidated shareholders value in an insurance company was pegged at about Rs 54 lakh crore as of September 30 2021 by international actuarial firm Milliman Advisors LIC IPO would contribute a major chunk to the budgeted disinvestment proceeds in the current fiscal The government has pegged disinvestment receipts at Rs 65000 crore in the current fiscal up from Rs 13531 crore raised in the last fiscal PTI JD ANZ MR MR

New Delhi Apr 23 PTI The government is likely to sell a 35 per cent stake in Life Insurance Corporation LIC through an initial public offering which will hit the markets in the first week of the next month an official said The issue size is expected to be worth Rs 21000 crore valuing the countrys largest insurer at Rs 6 lakh crore LIC is likely to file the red herring prospectus with market regulator Sebi by Wednesday LIC IPO is likely to come to the market in May first week 35 per cent stake dilution subject to regulatory approval an official said In February LIC had filed draft papers with Sebi wherein it had said that the government will sell 5 per cent stake or 316 crore shares in the state-run insurer However the IPO plans faced headwinds due to the ongoing volatility in stock markets due to Russia-Ukraine war forcing the government to cut the issue size to 35 per cent Reservations for policyholders and employees and discounts issue dates and issue price will be known by Wednesday the official added PTI JD ANZ MR MR

New Delhi Dec 31 PTI The government on Friday said there is no proposal to extend the deadline for filing income tax returns beyond its current deadline of December 31 Revenue Secretary Tarun Bajaj said December 31 2021 remains the official deadline for filing of income tax returns He said returns filed so far are more than those filed in the previous year PTI JD ANZ MR MR