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Will stay away from LIC’s IPO, Veteran investor Shankar Sharma

Feb 17th, 2020 3:46 pm | By | Category: SPECIAL NEWS COVERAGE

Veteran investor Shankar Sharma reportedly has said, that he would stay away from the initial public offer (IPO) of state-run Life Insurance Corporation of India (LIC), blaming the government for making it absorb public sector undertaking’s unsold issuances.

“I would never touch LIC as an investor. The government sold their unsold items to LIC and now they are selling the owner of those unsold items to us,” Sharma, Co-founder, and Chief Global Strategist, First Global said on Saturday at ANMI’s International Convention 2020.

Market participants have often blamed the government for pushing state-run corporations, particularly LIC to absorb the shortfall in their offerings, a claim which the life insurer has denied.

Earlier this month, Finance Minister Nirmala Sithamraman unveiled plans for LIC’s IPO, which is going to be a key component in the government Rs 2.1 lakh crore revenue target to be raised from the sale of public assets and equity holdings in various public sector enterprises.

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